Skyrocketing From $1.98 to $25 Explains Why WIF Could Skyrocket by 1000%!

According to data from Coinglass, the Open Interest (OI)-Weighted Funding Rate of the WIF token has dropped significantly over the past month. It has fallen from 0.0243% to just 0.003% as of July 6, 2024. This decline suggests that people are less likely to be bullish on the WIF token. In simple terms, fewer investors believe that its price will rise. Volume-Weighted Funding Rate for WIF has decreased from 0.0216% to 0.0022%. This reduction indicates a neutral market sentiment, meaning that traders are neither very optimistic nor very pessimistic about the token’s future. The overall trading volume of WIF has decreased by 40.38% in the last 24 hours. Huobi has seen the most significant reduction in trade volume at 61.70%, while Bitget experienced the smallest decrease at 14.65%. Despite this drop in trading activity, the price of WIF has actually risen by 6.58%. As per the technical analysis, the current price of WIF is $1.981. It has support at $1.57 and faceing strong resistance at $4.70. The Relative Strength Index (RSI) is at 44.52, indicating that the token is not in overbought or oversold territory. The price is moving below the 20, 50, and 100 day moving averages, which typically suggests a bearish trend. However, the MACD (Moving Average Convergence Divergence) indicator on both the daily and 4-hour charts shows positive signs, as the MACD line is riding above the signal line.

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