Dogwifhat (WIF), a new addition to the dog-themed tokens, may see a decrease in its recent price gains. The analysis of WIF's chart shows a significant downward trend. According to data from CoinMarketCap, WIF was priced at $2.98 during the time of this report, having risen by 12% in the last week.

WIF’s recent price surge has brought attention to the token's market activities. Data from CoinGecko shows a 4% increase in the global cryptocurrency market volume due to heightened trading.

Looking at WIF’s 1-day chart reveals technical indicators that hint at a potential drop in price soon. The Squeeze Momentum Indicator for WIF has been consistently negative since April 13, reflecting a possible downtrend for the token. Additionally, the Awesome Oscillator for WIF showed a red bar pointing upwards, indicating a negative value and a bearish outlook. The MACD line of WIF was below the signal line, suggesting a continuous selling pressure in the coming days.

Despite the bearish indicators, WIF's Relative Strength Index (RSI) and Money Flow Index (MFI) seemed to be moving above their neutral lines, indicating a potential increase in demand for the token. The RSI pointed at 49.53, the MFI at 46.93, and the Chaikin Money Flow (CMF) at a positive 0.10 at the time of writing. These positive signals could lead to a rise in price in the near future.