Several meme coins have shed huge losses amid the latest clampdown, but Dogwihat WIF has managed to regain strength today – leading the market’s top gainer chart with a 25% gain in the past 24 hours. It looks a bit strong.
The leading Solana-based meme coin – WIF started this month on a bearish note and has corrected by more than 50% in the last two weeks.
That produced a big discount in the market and it appeared the bulls had taken advantage of the cheap buying rate in the past hours. From a technical perspective, yesterday’s sudden rejection (at $1.9) indicates a quick buyback from the buyers’ side, bringing an increase today.
It tested $3 but the price has retraced slightly. We can expect more increase if the buying pressure increases. Nonetheless, the bears still have an upper hand on a short-term perspective.
February’s breakout resistance is considered the main target support level for the bears in this correction phase. This targeted level is likely to come into play in the coming days. But if the bulls managed to defend the recent low level well, they may regain control after pushing the price well above the $4.35 resistance level.
Despite shedding losses for two weeks, the price is still up by 25x since the start of the year. Providing more discounts could pave the way for buying opportunities from a long-term perspective.
WIF Key Levels To Watch
Following the latest recovery, the $2.5 and $1.9 levels are now serving as support for the market. A crack below them could slip the price to $1.5, $1 and mainly $0.55 respectively.
WIF currently targets the $3.19 resistance level that broke down as support on Friday. Climbing above this level could allow more buys to $3.56 and $3.9.
Key Resistance Levels: $3.19, $3.56, $3.9
Key Support Levels: $2.5, $1.9, $1.5
- Spot Price: $2.85
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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