DOGWIFHAT PRICE ANALYSIS & PREDICTION (August 2) – WIF Loses $2 In Another Dip, Can It Bounce Off This Support?

0

Most meme coins have experienced significant reductions in the past few days with Dogwifhat which is now back in a downward range after a short retracement. It is currently one of the top losers with an 8% drop. 

Following a little suspense in the bearish correction, which came after locating support at $1.47 in July, WIF bounced off and went through a short retracement but later lost momentum after testing the $2.9 level.

Marking resistance at this level due to a rejection, the price dropped and started to roll over. That drop brought the price back under $2 and as we can see on the daily chart, it is almost testing July’s support again.

If this support fails to hold in the ongoing dip, we can anticipate a crash to the $0.55 range before picking up. Bouncing above at this support could produce a small gain of $2.4 to form an inverse head and shoulder pattern before crashing. A bounce above $3 should confirm a breakout.

But currently, the market is in favour of the bears and as a result, more bloodbath can be expected until the price reaches an oversold condition.

Despite the past months of loss, WIF is still up by 150% from year-to-date and also remains the best-performing Solana-base meme coin by market cap.

WIF Key Levels To Watch

Source: Tradingview

The closest level to watch in the ongoing drop is $1.47, established as support last month. If this support breaks down, the $1 and $0.55 levels would be the next support to keep in mind.

If this support produces a bounce, the immediate line of resistance is $2.38, followed by $2.9. A significant surge above these mentioned resistances should validate a breakout of the multi-month resistance line.

Key Resistance Levels: $2.38, $2.9, $3.5.

Key Support Levels: $1.47, $1, $0.55.

  • Spot Price: $1.9
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: bizoon/123RF // Image Effects by Colorcinch

About Author

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

Leave A Reply