A mystery player in the meme coin world called Dogwifhat (WIF) saw a remarkable 13.70% rise in the last 24 hours. This made a lot of people scratch their heads in a market where most people are still negative.Although the rebound has been very strong, there are significant doubts about whether it will last.
During the current meme coin boom, not many people knew about the meme coin.Its price has dropped a lot in the last week, though, which makes people wonder why it went up so quickly.
WIF had broken through the $3.5029 support level and was trading at $3.7841. There have been reports that the $4.857 level could be tested again if the trend stays strong.
Dogwifhat’s Market Stability: RSI At 56.40, CMF Improves
The Relative Strength Index (RSI) is currently at 56.40, which means that price movement is pretty even. The Chaikin Money Flow (CMF) also showed signs of growth, going from -0.2 to -0.03. Even though the selling pressure was still negative, it was going down, which could mean that the market was stabilizing or moving toward a more balanced state.
The social scene, on the other hand, shows something different.Santiment’s data showed a big drop in Dogwifhat WIF’s Social Volume, which suggests that people are less interested in using different social media sites.Though this happened, the Weighted Sentiment measure went up, showing that more positive comments than negative ones.
On the other hand, traders felt the heat as deals worth $970,000 were canceled. Traders who lost money lost the most, $592,780. There were a lot of short positions against Dogwifhat WIF (51.6%), which shows that traders are usually not sure what’s going on.
Now the question is whether the bears’ worries will turn out to be correct or whether WIF will go against what everyone thinks and keep its new momentum.As the market walks on the edge, all eyes will be on how the WIF price changes over the next few days.
