Last week, on the basis of Solana Meme Coin Dogwifhat (WIF) there was a sharp decline. During this period, he lost 33% of his value and is currently trading at a low level of February 2024.
In the course of the chain and technical indicators confirm the weakening of demand for the memony, which suggests that its reduction can continue in the short term.
WIF humiliating demand.
The assessment of the one -day WIF/USD diagram shows that the token on the balance sheet volume (OVES), the key indicator of the pressure on the purchase and sale, continues to fall, reflecting the decreasing demand for the meme coin. During the press, it is -398.94 million, which is 285% in just seven days.
The falling Ob, as indicates that the pressure on sale outweighs the pressure on the purchase. This means that more traders unload the asset than accumulate it.
When the assets fall, when its price decreases, it enhances bear moods and the likelihood of further losses. This involves a weakening of demand for WIF and signals a potential descending trend or the continuation of its existing fall in prices.
In addition, the open percentage of WiF enhances this bearish look. Since the beginning of February, it decreased steadily, plunging by 42%.
An open percentage refers to the total number of outstanding futures or contracts for options that were not settled. When he falls along with a decrease in the price of the asset, traders close their positions, and do not open new ones. This reflects the weakening of participation in the market and can signal that the descending trend may continue if a new interest does not appear.
WIF price forecast: more decrease?
Indications from AWESOME HASILLALATOR WIF (AO) confirm the weakening of demand for altcoin. This indicator publishes red histograms converted down at the time of writing this article, reflecting high pressure. Its value is -0.60.
An amazing oscillator indicator measures the market impulse, comparing the recent 5-periodic sliding medium with a longer 34-periodic sliding medium. When he puts red histograms converted down, this indicates a weakening of a bull impulse or strengthening bear pressure, which indicates a potential continuation of the descending trend.
If the WIF continues, its price can fall to $ 0.55, which is 30% decrease from its current value.
However, if the coin of memes sees a revival of demand, it can increase its price after resistance at 0.92 US dollars and to $ 1.89.
