The price of Dogwifhat (WIF) is striving to overcome recent setbacks, with bullish signals emerging despite hitting a four-month low. Investors remain hopeful, placing bullish bets on the asset and anticipating a potential recovery.
Dogwifhat Investors Push for a Rally
According to Be (in) Crypto, $WIF price is showing signs of gains as the Chaikin Money Flow (CMF) indicates a notable surge in inflows. This increase in capital entering the market is generating substantial buying pressure for the meme coin. Growing investor interest and confidence in WIF could potentially drive its price higher.
The increased buying pressure suggests a shift in market sentiment towards a more bullish outlook. Higher CMF inflows typically correlate with upward price movement, as more investors are willing to purchase the coin. This shift in sentiment can help build momentum and support a potential price rally.
Additionally, WIF’s positive funding rate is another encouraging indicator. After nearly dipping into negative rates, the funding rate has bounced back, signaling improved market conditions. A positive funding rate implies that traders are willing to pay a premium to hold long positions, reflecting optimism about WIF’s future performance.
The recovery of the funding rate from near-negative levels further reinforces the bullish outlook for WIF. It demonstrates that traders’ confidence is returning, making them more inclined to invest in the coin. This combination of strong inflows and a positive funding rate creates a favorable environment for WIF, increasing the likelihood of sustained upward momentum.
WIF Price Prediction: Taking Back Profits
WIF price is eyeing a potential recovery after bouncing off support at $1.52. Currently trading at $1.59, the next resistance lies at $1.83. Considering the bullish cues noted on the network, the chances of investors pushing the meme coin to this barrier are high.
The aforementioned factors suggest enough bullishness in the market to drive the recovery. If the $1.83 resistance is breached, the meme coin could aim to reclaim $2.00 as support. Conversely, volatility-induced bearishness could drive the price lower towards $1.21, potentially invalidating the bullish thesis.
Disclaimer:
The information provided in this article is intended for informational purposes only. Cryptocurrency trading involves significant risks, and it is advised to conduct thorough research before making any financial decisions.
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