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
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.
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