🚀 AMBCrypto Analitics: $WIF Analysis
Per CoinMarketCap’s data, Solana [SOL]-based meme coin dogwifhat [WIF] saw an impressive weekly gain of 90%, ranking as the asset with the second-highest gains last week.
On the 30th of March, the meme coin traded briefly above $4.5 to exchange hands at an all-time high. The high trading volume in the past week led to a significant surge in WIF’s market capitalization.
At press time, it was $4.2 billion, making it the third-largest meme asset in terms of market capitalization after Dogecoin [DOGE] and Shiba Inu [SHIB].
An assessment of WIF’s price movements on a daily chart indicated that the gains might extend into the new week if bullish sentiment remains.
Key indicators showed that buying pressure was significantly higher than token distribution. For example, WIF’s Elder-Ray Index was positive at press time and has been since the 28th of March.
This indicator estimates the relationship between the strength of buyers and sellers in the market. When its value is positive and the bars are green, it is a bullish signal, depicting an uptick in buying activity.
Confirming the uptrend, WIF’s MACD line rested above the signal line at press time. This intersection is a sign of market strength.
It indicates that the shorter-term moving average has moved higher than the longer-term moving average, presenting an opportunity to buy for profit.
