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Various data about the WIF token are giving a bunch of mixed signals, making it difficult to predict its future performance. Here’s a breakdown of the latest insights on WIF and what they might mean for investors. Declining Funding Rates According to data from Coinglass, the Open Interest (OI)-Weighted Funding Rate of the WIF token has dropped significantly over the past month. It has fallen from 0.0243% to just 0.003% as of July 6, 2024. This decline suggests that people are less likely to be bullish on the WIF token. In simple terms, fewer investors  believe that its price will rise. Source: Coinglass Volume-Weighted Funding Rate for WIF has decreased from 0.0216% to 0.0022%. This reduction indicates a neutral market sentiment, meaning that traders are neither very optimistic nor very pessimistic about the token’s future. Source: Coinglass Price rises The overall trading volume of WIF has decreased by 40.38% in the last 24 hours. Huobi has seen the most significant reduction in trade volume at 61.70%, while Bitget experienced the smallest decrease at 14.65%. Despite this drop in trading activity, the price of WIF has actually risen by 6.58%. Source: Coinglass Signs of a Potential Breakout As per the technical analysis, the current price of WIF is $1.981. It has support at $1.57 and faceing strong resistance at $4.70. The Relative Strength Index (RSI) is at 44.52, indicating that the token is not in overbought or oversold territory. Source: TradingView The price is moving below the 20, 50, and 100 day moving averages, which typically suggests a bearish trend. However, the MACD (Moving Average Convergence Divergence) indicator on both the daily and 4-hour charts shows positive signs, as the MACD line is riding above the signal line. Source: TradingView For the past two months its price has been fluctuating between…

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Filed under: News - @ July 7, 2024 3:24 am