Dogwifhat (WIF), the meme coin that took the crypto market by storm in the first quarter of the year, has dropped 23.76% in the last seven days. However, WIF is showing early signs of a rebound even though several indicators continue to give mixed signals. 

While the road to respite may be challenging, BeInCrypto’s deep dive shows that bulls seem determined to drive a higher value for the crypto.

Dogwifhat Bulls Threaten Bearish Supremacy

Recently, WIF encountered a 39.55% decrease between June 5 and 24. During this period, the price fell from $3.42 to $1.60.

However, the token did not take long to rebound to $2.25 on July 1, only to be faced with selling pressure that drove it back to June lows.

According to the daily chart, things seem to be changing in WIF’s favor. This is because of the signs shown by the Cumulative Volume Delta (CVD).

The CVD displays changes in the volume traded by buyers and sellers. If the CVD prints a green bar, it means that the volume change is above zero, and buying pressure outpaces selling pressure.

Read More: What Is Dogwifhat (WIF)?

On the other hand, a red bar for the indicator shows that sellers are dominant in the market. As shown above, the CVD on WIF’s daily chart is green. This position implies that buyers edged sellers by over $307,950.

Should bulls keep up with this dominance, WIF may resist trading below $1.70 again. Instead, the price of the meme coin could be eyeing a higher value.

Furthermore, on-chain analysis, backed by the Open Interest (OI) is a party to this potential. According to Santiment, Dogwifhat’s OI is $166.70 million. 

Though this is a low value compared to July 6, it is an improvement from the figure for Sunday, July 7.

Open Interest refers to the sum of all open contracts in the market. When it increases, buyers are aggressive and increase their net positions. However, a decrease implies that market participants are closing positions and taking their capital out.

While WIF has shown signs of a potential price increase on the chart, the OI has to increase exponentially with it to validate the jump.

WIF Price Prediction: A 20% Rally Is Possible

Another examination of the technical state of the memecoin shows that the Moving Average Convergence Divergence (MACD) sits above the signal line.

The MACD indicates momentum using the difference between two moving averages—specifically, the 26 EMA (orange) and 12 EMA (blue). The indicator also helps spot entry and exit points. 

A positive reading of the MACD indicates a bullish momentum, while a negative reading suggests otherwise. Thus, the reading at press time suggests that WIF’s momentum is bullish, and an entry between $1.68 and $1.72 could yield gains as the price attempts to retest $2.11.

Read More: 5 Best Dogwifhat (WIF) Wallets To Consider In 2024

It is worth noting that WIF does not yet have a clear path above $2. To validate the thesis, bulls must sustain the current momentum and kick off whatever dominance bears want.

If this happens, the WIF’s price may rise above the landmark. But in the event that selling pressure takes over the meme coin market again, this will be invalidated. Should that be the case, WIF will drop below $1.60 again.

Monthly revenue across the Fantom (FTM) network has plummeted by over 30% in the last month. This has occurred despite the uptick in the number of active addresses on the network during the same period.

The decline in Fantom’s revenue is due to the decrease in the value of its governance coin FTM, whose price has plunged by almost 40% in the past 30 days.

Fantom’s Active Addresses Grow, But There Is a Catch

Fantom has witnessed a significant uptick in active users over the past month. With a user count of 593,340 addresses in the past 30 days, the number of unique addresses that have interacted with the blockchain network during that period has risen by 77%.

The cause of this is not far-fetched. During the period under review, FTM’s value has significantly declined. Since gas prices on the network are denominated in FTM, a decrease in FTM’s price makes transactions cheaper for users interacting with the network, hence the surge in active address count.

Due to low gas prices on the Fantom network, transaction fees have totaled $52,490 in the last 30 days, dropping by 31%. The revenue derived from these fees is $15,750, declining by over 30% during the same period.

Fantom’s monthly revenue began to decline after closing at a year-to-date high of $89,377 in March. By the end of Q2, this has dropped by 81%.

Read More: Top 5 Yield Farms on Fantom

So far this month, Fantom’s revenue has totaled $3,506.

FTM Price Prediction: Surging Selling Pressure to Cause Further Decline

As of this writing, FTM exchanged hands at $0.44. The coin’s value has plunged by almost 40% in the last month. This has caused the coin’s price to trade under its 20-day exponential moving average (EMA)  and its 50-day small moving average (SMA)

An asset’s 20-day EMA measures its average price over the last 20 days, while its 50-day SMA tracks its average price over the last 50 days. When an asset’s price falls below these key moving averages, it means that its value is lower than the average price over both short-term and long-term periods, suggesting a potential continuation of the downward trend.

If FTM’s downtrend continues, it may fall to exchange hands at $0.43.

However, if the bulls regain market control and buying momentum spikes, the coin’s value may rise to $0.47.

Cardano’s (ADA) price is still hovering in the sub $0.40 range, which it has reached following recent declines. 

The recovery from here will be difficult since the network is witnessing minimal support from its investors.

Cardano Investors Remain Bearish

Cardano’s price has been rising impressively by 7% over the past 24 hours, but ADA has yet to breach the resistance at $0.37. Trading right under it, the altcoin seems to be awaiting a huge positive trigger that may not arrive.

The lack of this trigger is potentially due to the ADA holders refraining from participating in the network. The decline in participation is a reaction from the investors who are opting to prevent losses by not conducting a transaction.

With the traders backstepping and the price declining, the larger impact will be massive losses.

According to the Global In/Out of the Money (GIOM) indicator, about 7.01 billion ADA worth more than $2.5 billion is at stake here. This supply was bought when ADA was trading between $0.37 to $0.42.

The entire supply is at risk since Cardano’s price fell from $0.42 to change hands at $0.37 at the time of writing. Barely profitable, the supply is on the verge of losses and warrants substantial bullishness from the investors. 

To keep these ADA from losing profitability, investors will have to push the price back up to $0.42. This will prevent the losses and recoup all the lost gains from the past week.

Read More: How To Buy Cardano (ADA) and Everything You Need To Know

ADA Price Prediction: Trigger Ahead

Once $0.37 is flipped into a support floor, Cardano’s price can be considered recovering. Further gains can be expected. However, a straight-up rally may be slightly difficult, considering the lack of activity and bullish cues.

This could lead to some resistance in recovering the recent losses, potentially even rejecting a bounce back. Thus, ADA could end up hovering under the $0.37 mark.

Read More: Cardano (ADA) Price Prediction 2024/2025/2030

However, if the test of this level as support is successful, it could push through the barrier at $0.40 to rally further. This would invalidate the bearish-neutral thesis and increase profits.