$WIF Price Recovery Not Yet Safe After Sub-$1 Scare - BeinCrypto Analytics

Signals shown by the Directional Movement Index (DMI) reveal that WIF is in a largely bearish position despite the price increase. The DMI attempts to determine the strength and direction of a cryptocurrency’s price. 

Usually, a higher +DMI (green) indicates that the price will move upwards. But if the -DMI (red) is high, it indicates that the direction will most likely be downward. 

The chart seen below shows that the -DMI is far above the +DMI, suggesting that the WIF’s uptrend may only last for a while before the price retraces.

The Average Directional Index (ADX), which indicates directional strength, also supports this bias. At press time, the ADX (yellow) moves in the same direction as the -DMI, suggesting a higher downward directional strength.

If this remains the same, WIF’s price may retrace toward $1.04. However, if money flows into the WIF market jumps by a significant number, the token may sustain the upswing. If that happens, WIF could test $1.76 for a start.