Dogwifhat [WIF] may be poised for a rebound as it falls toward the lower line of its descending channel. The popular dog-themed meme...
The popular dog-themed memecoin has trended in a descending channel since 29th May after it closed at $3.67. Exchanging hands at $2.44 at press time, WIF’s price has since declined by 34%.When a descending channel is formed, it is a bearish sign that connotes sustained selling pressure.
When an asset’s price falls toward the lower line of the descending channel, it is approaching a level where it previously found support, and the bulls may step in to defend this level. The WIF market has a significant bearish presence. For example, readings from its Directional Movement Index showed its positive directional index resting below its negative index .Further, WIF’s Elder-Ray Index has returned only negative values since 7th June. At press time, the indicator’s value was -0.75.
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