WIF has been garnering substantial investor interest and is currently on an upward trajectory, showing promising signs of a potential upside. The coin’s recent price action highlights an attempt to consolidate gains, with strong inflows suggesting growing investor interest.
This demand could serve as a catalyst, helping the memecoin achieve the bullish trend it is aiming for.
WIF investors show optimism
The Chaikin Money Flow (CMF) indicator recently showed a sharp increase, indicating a surge in inflows. This marks the first significant increase in the CMF since the beginning of the month, as the WIF has been experiencing mostly outflows. The return of inflows is a positive development, signaling that buyers are returning to the market with renewed interest.
This renewed inflows could reinforce the bullish sentiment surrounding WIF, creating an environment conducive to sustained growth. Thus, this renewed demand could be instrumental in bringing the memecoin closer to its price target, helping to attract more investor attention.
Read more: What is Dogwifhat (WIF) cryptocurrency?
CMF da Dogwifhat (WIF). Fonte: TradingView
In addition to the entries, the macro momentum looks favorable, as indicated by the Relative Strength Index (RSI). The indicator has regained the positive zone, rising above the neutral line of 50.0. Thus signaling that the bullish momentum is strengthening.
A strong RSI above 50.0 suggests that the memecoin has regained its footing in the market and is positioned for potential gains. Such a surge could attract more investors, adding momentum to WIF’s upward trajectory.
RSI from Dogwifhat (WIF). Font: TradingView
Price prediction
WIF is currently trading at $2.65, facing a barrier at $2.75. Testing the upper boundary of a rising wedge as support, the memecoin has a realistic chance of achieving a 55% rally if it manages to overcome the resistance. Successfully establishing this support level could allow WIF to continue its climb.
The main target is $3.38, a level that could be reached if $2.75 is converted into solid support. Once this resistance is converted, the coin could see a surge in investor confidence, pushing the memecoin towards its target.
Read more: Solana Blockchain Memecoins That Are Promising for 2024
WIF Price Analysis. Source: TradingView
However, if the bullish momentum fails to materialize as expected, the price could drop to $2.36. Losing this support would also mean that WIF loses its trendline support. This could potentially send the price down to $2.01, effectively invalidating the current bullish outlook.
The article Dogwifhat (WIF) Shows Bullish Signs as Investors Return appeared first on BeInCrypto.
