$WIF Price Prediction: Re-Accumulation Season Is Near - BeinCrypto Analytics

Based on the daily WIF/USD chart, the meme coin has erased almost half of July’s gains. As the price declines, it is approaching a crucial demand zone located between $2.14 and $2.20.

Apart from that, the price is on the cusp of rising above the 20 EMA (blue). EMA is a short form for Exponential Moving Average, and it measures trend direction. In most cases, if the price of a cryptocurrency is above the EMA, the trend is bullish.

However, if it is below, the trend is bearish. Thus, if WIF rises above the 20 EMA, it could validate the bullish bias that recently flashed. Should this be the case, the token’s price may rebound to $2.47 and, subsequently, $2.78.

On the contrary, if the rate of money flow into WIF decreases, the price may be invalid. If that is the case, the cryptocurrency’s value may drop to $2.10.