#WIF
WIF coin price drops 11.86%, but analysts are still bullish on its future!
In the last 24 hours, the price of dogwifhat coin (WIF) has fallen by 11.86%. However, some analysts believe that according to the Elliott Wave Theory, the third wave of the rise may continue its monthly upward trend.
In the past month, dogwifhat, the fourth largest meme coin by market value, has continued to soar, rising from a low of $1.38 to a high of $2.63, an increase of 35.69%. But in the past week, WIF price has fallen back and is now trading at around $2.15, showing a 0.04% drop on the monthly chart and a 11.86% drop in 24 hours.
The current market situation makes people wonder whether WIF can return to its monthly high or will it continue to fall?
Popular cryptocurrency analyst Decoded Trading believes that WIF is expected to continue its upward trend, and he cited the Elliott Wave Theory to support this view. He believes that WIF has reached a low in the second wave and is now entering the third wave of rise. Moreover, the internal structure of the third wave of rise shows that the fourth wave has ended and the fifth wave may push prices higher.
In terms of market sentiment, since WIF has retested and held the key support level, this has strengthened the market's bullish confidence.
From a fundamental perspective, despite the recent price pullback, some factors are still favorable to WIF. For example, the supply and demand dynamics of WIF measured by Spot Netflow turned negative three days ago, indicating that the supply on the exchange is decreasing and investors may be turning to holding in anticipation of future price increases.
In addition, the total funding rate of dogwifhat has remained positive in the past 7 days, indicating that funds betting on price increases are increasing. The positive OI-weighted funding rate also further indicates that those holding long positions are willing to pay more for their positions.
Overall, despite the decline in the daily chart, dogwifhat coin still occupies a favorable position in terms of long positions.
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