The price of memecoin WIF, based on Solana’s dog hat token, has fallen by more than 28% in the last week, according to AMBCrypto findings. Despite a surge in demand for the token, its value currently stands at $3.31, reflecting a double-digit decrease in value. The overall decline in the cryptocurrency market over the past seven days has contributed to this drop, with the global market capitalization falling by 4% during the same period.
While some technical indicators suggested a potential new decline for WIF, market participants continued to buy the token. However, the bearish trend in the overall market may limit the potential for an uptrend. The Parabolic SAR indicator also indicated that WIF is poised to extend its losses in the near term.
Furthermore, the Elder-Ray index for WIF was negative, indicating dominance by bearish power in the market since April 5. The negative Chaikin Money Flow (CMF) confirmed that buying volume may not be enough to start an uptrend, as capital outflows were peaking.
Overall, despite ongoing demand for WIF, the current market conditions suggest a challenging road ahead for the memecoin.