A lot of meme coins are seriously in a red zone today following a recent meltdown in the entire crypto space. The situation has become worse since yesterday as Dogwifhat declined by 3% near a two-week support.
Last week’s trading was painful for WIF holders as they counted losses due to a drop from the $2 level, which now stands as a key resistance on the daily timeframe. Surprisingly, the $1.38 level produced a bounce on Monday but the momentum quickly faded after tapping $1.64 yesterday.
A rejection occurred there and the meme coin fell back, initiating a fresh drop in continuation of its mid-term bearish. Selling pressure looks low since today’s opening but we may see bigger drops when pressure rises.
It is currently on the verge of breaking down the important $1.35 level – a two-week support on the daily timeframe. A successful break below this level should facilitate a huge selling pressure in the coming days.
That could plummet the price into an extremely oversold condition before regaining strength. The main range to watch for the selling build-up is $0.4, where the buyers are much more likely to initiate an entry. While the price is relatively calm, WIF’s market structure remains bearish at the time of writing.
WIF’s Key Levels To Watch
Now that the price is on the verge of breaking down two-week support, the closest level to watch for a dip is the crucial $1 support. The $0.55 level is the next support to keep in mind in case of an extension.
If by chance WIF recovers from the current trading level, it may retake the key $2 resistance. For further recovery, the $2.38 and $2.9 levels are the next resistance to keep in mind.
Key Resistance Levels: $2, $2.38, $2.9
Key Support Levels: $1.35, $1, $0.55
- Spot Price: $1.46
- 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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