👀 Is $WIF position under threat? - AMBCrypto Analytics

At press time, WIF was trading at $3.25, with its price down by 3.20% in the last 24 hours. The memecoin’s price saw major fluctuations over the past few weeks, moving between the $4.1243 and $1.9586 levels. No bullish or bearish trend has been established due to the high volatility exhibited by this memecoin.

The RSI (Relative Strength Index) for WIF declined to 41.84 over the last few days. This indicated that bullish momentum around WIF had fallen significantly. Moreover, the CMF (Chaikin Money Flow) also fell to -0.27. A declining CMF is a sign of capital outflows across WIF’s market.

If this trend continues, the altcoin’s price could retest its $2.479 levels in the future.

Another factor that could influence WIF significantly would be its popularity on social media platforms. AMBCrypto’s analysis of Santiment’s data revealed that the social volume for WIF fell. Coupled with that, the weighted sentiment around WIF also declined significantly over the last few days.

A falling weighted sentiment meant that the number of negative comments around WIF outweighed positive ones, at the time of writing.

Declining social volume and falling sentiment could lend more downward pressure to the market.

Traders shared a similar sentiment. In fact, an examination of Coinglass’ data revealed that the number of short positions taken against WIF had surged over the past few days. The percentage of shorts grew from 48% to 52.5% over the past week.