Dogwifhat (WIF) has surged 42% over the past 30 days, but sustaining this momentum and reaching $3 again remains uncertain.

The bullish trend appears to be weakening, as indicators like the Relative Strength Index (RSI) and Average Directional Index (ADX) show diminishing trend strength, signaling caution.

RSI Decline Signals Potential Reversal for WIF

WIF’s RSI is currently at 45.34, down from 74 on October 7. This decline suggests that buying momentum has weakened significantly, as fewer investors are entering the market at current levels.

RSI, or Relative Strength Index, measures the speed and change of price movements, providing insight into whether an asset is overbought or oversold. It ranges from 0 to 100, with values above 70 indicating overbought conditions, where a pullback might occur, and values below 30 indicating oversold conditions, which can signal a buying opportunity.

Read more: How To Buy Dogwifhat (WIF) and Everything Else To Know

An RSI of 45.34 indicates that WIF is approaching neutral territory after previously being overbought. This level suggests that buying pressure is diminishing, and the market could be entering a consolidation phase.

Although the token remains in an uptrend, the recent drop in RSI could indicate a potential reversal if buying momentum doesn’t return. If this downward trend persists, WIF’s price could lose its upward momentum, resulting in increased selling pressure and a potential downturn. Traders should watch for further weakening signals to anticipate the next market move.

Dogwifhat Signals Weakening Trend for WIF

WIF’s ADX is currently at 18.73, down from 53 on October 1. This decline indicates that the strength of the current trend has weakened substantially, showing a loss of momentum in the recent uptrend.

ADX, or Average Directional Index, is used to quantify the strength of a trend, regardless of whether it is moving up or down. It ranges from 0 to 100, with values above 25 typically considered indicative of a strong trend, while values below 20 suggest a weak or non-existent trend.

The dramatic drop in ADX suggests that the previously strong uptrend in WIF is fading, and market participants are no longer showing strong conviction. This drop in trend strength can lead to uncertainty, as the market struggles to decide on a clear direction.

Although WIF is still technically in an uptrend, the current ADX level of around 18 indicates that this trend is not strong enough to sustain further growth without renewed buying interest. The low ADX value means that WIF’s price lacks a definitive direction and could be prone to significant volatility.

Traders should be cautious in such an environment, as the lack of strong momentum makes it difficult to predict whether the price will continue upward or reverse into a downtrend. Without a clear directional bias, WIF’s price movement may become erratic, and a potential reversal is possible if the current conditions persist.

WIF Price Prediction: Bullish Run Faces Potential Correction

WIF has surged 42% over the past month, emerging as the top performer among the leading five meme coins. It has now become the largest meme coin on the Solana network. WIF’s market capitalization is more than 60% larger than that of its closest competitor, BONK.

After such a significant surge, it’s natural that a correction could occur as traders take profits and buying momentum slows. Currently, WIF’s EMA lines are still showing a bullish pattern, with short-term EMAs positioned above the long-term ones. However, the short-term lines have started to move downward since yesterday, which could indicate a potential reversal.

EMA lines, or Exponential Moving Averages, are a type of moving average that gives more weight to recent price data, making them more responsive to short-term movements. They are often used to identify trends and potential reversals in price action.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

If a reversal occurs, WIF’s price could soon test the support level at $1.62. This would mark a key point where traders will watch to see if the trend continues downward or stabilizes. However, if the uptrend regains strength, WIF should test resistance levels around $2.63 and $2.8.

A breakout above these resistance levels could spark a new rally, potentially pushing WIF back to the $3 zone — a price it hasn’t reached since June 2024. The market’s reaction at these key levels will determine whether WIF continues its bullish momentum or enters a corrective phase.

Bonk (BONK), the Solana-based meme coin, faces the risk of further price decline after dropping from $0.000025 to its current value of $0.000019.

Although some traders might view this dip as a buying opportunity, analysis suggests caution. Here are the reasons.

Market Interest in Bonk Dwindles

Bonk’s social dominance is one factor suggesting that the meme coin could struggle to recoup some of the lost gains. Social dominance measures the rate of discussion related to a cryptocurrency.

When it increases during a price decrease, it means that the market could be looking at buying the cryptocurrency. In that instance, the price has a good chance of increasing. On the flip side, a decrease in social dominance means that the broader market is overlooking the assets and possibly eyeing other cryptos to buy.

In BONK’s case, social dominance dropped, suggesting that mentions of the meme coin have decreased on several social media platforms. This decline indicates that demand for BONK could be waning, and a price increase might not occur in the short term.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Additionally, the Chaikin Money Flow (CMF) on BONK’s daily chart has dropped below the zero signal line, now at -0.10. The CMF measures accumulation versus distribution, with an increase signaling higher buying pressure and potential price growth, while a decrease suggests the opposite.

For BONK, the CMF’s current reading indicates that market participants are distributing the coin, possibly taking profits from recent price gains. If this trend continues, BONK’s price could experience further declines.

BONK Price Prediction: Still Bearish

Currently, BONK is on the verge of falling below $0.000019. The decreasing trading volume around the token indicates a lack of strong buying pressure, making it difficult for the meme coin to gain momentum.

If this trend continues, BONK’s price could drop to $0.000017, a historically weak support level. In April, when BONK hit $0.000017, the downtrend intensified, driving the price down to $0.000014. A similar scenario could unfold, with BONK potentially dropping by another 20% to $0.000014.

Currently, BONK’s price is on the brink of falling below $0.000019. The chart below shows that the trading volume around the token has been decreasing, suggesting that it could be challenging for the meme coin to experience solid buying pressure.

If this remains the same, the meme coin’s price might drop to $0.000017. But that level has historically proven to be a weak zone for BONK. For instance, in April, when Bonk hit $0.000017, the downtrend intensified as the price hit $0.000014.

Read more: 11 Top Solana Meme Coins to Watch in October 2024

However, if meme coin prices rise again, this bearish prediction could be invalidated. In that case, BONK’s price might climb to $0.000024 and potentially reach $0.000032 before the end of the year.

The crypto ETF market is expanding at an alarming rate, with news of a second XRP Exchange Traded Fund (ETF) filing spreading across the space. Canary Capital, a boutique Sydney investment and corporate advisory firm has just filed an XRP ETF, following Bitwise’s lead. With the new ETF filing, the price of XRP could see a possible change in the future. 

Canary Capital Files New XRP ETF

On Tuesday, October 8, Canary Capital submitted an official S-1 filing for an XRP ETF with the United States Securities and Exchange Commission (SEC). This filing comes just after Bitwise, another top asset management company filed for an ETF on September 30, marking the first ever XRP–based ETF in the crypto market. 

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According to Canary Capital’s new filing, the Trust’s investment goal is to provide direct exposure to the value of XRP, enabling investors to access this cryptocurrency’s market through a brokerage account. Through this method, Canary Capital intends to limit the potential barriers to accessing the market and reduce the risks involved in acquiring and holding XRP. 

Canary Capital has also stated that it aims to track the performance of XRP in the market, as measured by the Trust’s Pricing Benchmark. This pricing benchmark will utilize a similar methodology to the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index. 

While divulging the objectives and risk factors associated with an XRP ETF, Canary Capital failed to disclose the identity of the custodian for its potential XRP ETF. The investment management company also did not provide details on the ticker to be used for its XRP ETF, however, revealed that the Trustee for the investment product would be the Delaware Trust company. 

Despite the optimism Canary Capital’s new XRP ETF filing has generated in the crypto community, both its application and Bitwise’s still require approval from the SEC before they can launch in the market. 

Presently, the likelihood of a swift approval appears low, considering Ripple’s ongoing legal battle with the regulator. Earlier this month, the US SEC submitted a new appeal to challenge the court’s July 2023 ruling that programmatic sales of XRP are not considered securities. 

XRP Price Falls As Regulatory Uncertainty Clouds Optimism

Despite Canary Capital’s new XRP ETF filing, the price of XRP has been on a downward trend, showing no signs of moving out of bearish momentum trends. CoinMarketCap’s data shows that XRP has fallen by 0.72% in the last 24 hours and another 0.79% over the past week. 

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The cryptocurrency has been in the red for the past few weeks, only seeing slight gains when market conditions turn significantly favorable. With the new XRP ETF, many would expect the XRP price to rally, as anticipation for the investment product builds in the crypto space. However, XRP is still consolidating around the $0.5 mark, even experiencing a decrease in its 24-hour trading volume. 

It is clear that XRP’s bullish momentum has been completely overshadowed by regulatory uncertainty and negative sentiment. Despite this, many in the XRP community continue to maintain a positive outlook, expecting the price of XRP to break out to the upside soon. 

Featured image created with Dall.E, chart from Tradingview.com