Dogwifhat (WIF) Faces $1M Long Liquidations Amid Price Drop: What’s Next?
Release: 2024/05/20 02:31 Reading: 202
WIF Faces Bearish Pressure Amid Price Decline
In recent days, the price of WIF has experienced a significant decline, leading to a notable increase in long liquidations.
WIF Faces Significant Selling Pressure
Over the past 24 hours, WIF has witnessed over $1 million worth of long positions being liquidated due to its sharp price drop. At the time of writing, the memecoin is trading at $2.59, reflecting a 7.26% decrease from previous levels.
This drop is part of a broader downtrend that has persisted since the beginning of May. WIF has consistently formed lower lows and lower highs during this period, indicating a bearish trajectory.
The Chaikin Money Flow (CMF), an indicator of money flow into or out of an asset, has also declined significantly, suggesting decreased buying interest in WIF. Similarly, the Relative Strength Index (RSI) has dropped, signaling diminished bullish momentum.
Increasing Bearish Sentiment
Following WIF's recent price decline, traders have become increasingly skeptical. Coinglass data indicates that bearish sentiment has risen, with short positions now comprising 52% of recent trading activity.
Santiment's data shows a significant decrease in Social Volume related to WIF, suggesting a notable increase in negative commentary surrounding the token. This decline could potentially exacerbate selling pressure along with the decreasing Weighted Sentiment.
Competitors' Gains Add to Concerns
Adding to concerns, WIF's competitors in the memecoin sector—such as DOGE, SHIB, and FLOKI—have experienced price surges over the past week. If these trends persist, WIF may face additional challenges in maintaining its market share and investor confidence.
Disclaimer:
Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice. 
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