CandleFocus 2 Reasons Why Dogwifhat (WIF) Return to $3 May Be Delayed
2024-10-11
Author: Content Editor
Dogwifhat (WIF) has experienced a 42% surge in the past 30 days, making it the top-performing meme coin on the Solana network. However, indicators such as the Relative Strength Index (RSI) and Average Directional Index (ADX) suggest that the bullish trend may be weakening. The RSI has declined significantly, indicating diminished buying momentum, while the ADX shows a loss of strength in the uptrend. Although WIF is still technically in an uptrend, the low ADX value and declining RSI suggest that the token's price lacks a clear direction and could be prone to volatility and a potential reversal. Traders are advised to be cautious and watch for further weakening signals. A potential reversal could test the support level at $1.62, while a breakout above resistance levels could lead to a new rally and a return to the $3 zone.
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