The last four days have seen Dogwifhat WIF through a notable recovery after witnessing a roller coaster for a month. But things are looking a bit dicey as the leading Solana meme coin has faced rejection since yesterday.
Following a lower low and lower high movement from $4.08 in late May, WIF reached its lowest price level of $1.47 for the first time in three months and established support above this price level on Monday.
A recovery occurred and the price surged to a high of $2.26 yesterday. Rejecting this weekly high, the meme coin drops and closes with a little gain. The bulls failed to reiterate actions and the price is now looking weak on the day.
Currently, it is slowly losing grip again above the $2 level. A dip below Monday’s low might trigger another meltdown to reset the price back to February’s breakout level, where a new buy order is likely to take place.
If the recent low stands firmly, we may see a quick rebound to $3 before deciding on the next direction. Currently, the bears are back in action. WIF has witnessed a significant volume outflow since the rejection and is now leading the top losers’ chart with a 10% drop in the past 24 hours.
WIF Key Levels To Watch
Source: Tradingview
Now that the price is looking weak again, we may need to consider a rollback to $1.47. A breakdown form there could bring us to a key level of $1 and potentially $0.55 – marked as February’s breakout level.
Towards the upside, the $2.64 level is acting as immediate resistance. If WIF sustains recovery above this resistance, higher resistance levels to watch would be $3.1 and $3.56 in the near term.
Key Resistance Levels: $2.64, $3.1, $3.56
Key Support Levels: $1.47, $1, $0.55
- Spot Price: $2
- Trend: Bearish
- Volatility: Moderate
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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