$WIF Looks to Sustain Rally After Short-Lived Peak - BeinCrypto Analytics

At press time, WIF trades at $1.70. Its value has since declined 3% from the $1.77 high recorded on Wednesday. Despite the minor price fall, WIF is poised to extend its rally.

As of this writing, the meme coin’s key momentum indicators are trending upwards above their respective 50-neutral lines. WIF’s Relative Strength Index (RSI) is 56.07, while its Money Flow Index (MFI) is 75.99. 

These indicators measure an asset’s overbought and oversold market conditions. At their current values, WIF’s RSI and MFI signal that buying pressure dominates the meme coin’s market. 

Further, WIF’s positive Elder-Ray Index confirms the bullish bias trailing the meme coin. At press time, the indicator’s value is 0.21, resting above the zero line. 

If WIF maintains its current uptrend, its next price target is $1.99. The continued demand for WIF and bullish sentiment among its traders will cause its price to reclaim the $2 price level and trade above it.

However, any reversal in the current trend might put downward pressure on WIF’s price. This may cause it to drop to $1.07, a low last recorded during the general market downturn on Monday.