WIF is showing signs of green, instilling hope among holders and bullish investors. What does the future look like for WIF?
has been a dark horse in the recent meme coin rally. Despite this bull run, over the last week, the price of the meme coin fell significantly, which raised questions about the credibility of its rally.In the last 24 hours, WIF witnessed a massive surge, defying skeptics and growing by 13.70%. The meme coin managed to surpass the $3.5029 resistance level and was trading at $3.7841 at the time of writing.The token’s RSI was at 56.
Though the CMF remained negative, the smaller magnitude suggested a less pronounced selling sentiment. This could imply that the selling pressure on WIF has weakened, potentially signaling a stabilization or a shift towards more balanced market conditions.Activity on the social front will also play a great role in determining the future of WIF’s price. AMBCrypto’s analysis of Santiment’s data revealed that the token’s Social Volume had fallen materially.Looking at the state of traders
Coming to the state of the traders, AMBCrypto marked that around $970,000 worth of liquidations had occurred until press time. The bears had faced the brunt of this movement, incurring losses of $592,780.Despite being liquidated, bears remained skeptical of WIF’s price movement. AMBCrypto’s analysis of Coinglass’ data revealed that the percentage of short positions taken against WIF was 51.6%.Himalay is a full-time journalist at AMBCrypto.
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