Key Takeaways
- Dogwifhat (WIF) price uncertainty continues as the price drops from its all-time high of $5.1 to a region of $1.3.
- Bear could look to dominate the price of Dogwifhat’s (WIF) further if the support of $1.3 fails to hold the price from the sell-off.
- Dogwifhat’s (WIF) trades in a downtrend. The price is bearish on higher timeframes, trading below its 50-day and 200-day EMAs.
Dogwifhat’s (WIF) launch was regarded as a top memecoin token that could bring shockwaves to the cryptocurrency space due to its hype and price action, capturing the hearts of many investors and traders alike as the famous crypto rallied from a few cents hitting a high of $5 gaining much recognition by listing on Binance and Coinbase but has struggled to replicate its hype.
Despite its unique nature of combining engagement, humor, and large community engagement, the famous dog-themed memecoin with a hat mascot has remained in a downtrend, with its community losing the patience to hold onto this crypto token. Is Dogwifhat (WIF) still going to rise? Does it have potential like other new crypto memecoins recently gaining much volume and hype?
Let’s discuss the technical analysis of Dogwifhat (WIF) and market expectations for this crypto memecoin mascot in the coming few months.
Market Sentiment For Dogwifhat (WIF)
Source – Dogwifhat (WIF) On-chain data from Santiment
Dogwifhat (WIF)has experienced quite some price fluctuations in the past few months, dropping from a high of $5 after its listing on Binance and Coinbase to a low of $1.3. The price has been looking increasingly bearish for the past few months, with volume, active wallet addresses, and price decreasing beyond expectation for many investors and traders who expect a price rally to a region of $10 for Dogwifhat (WIF).
Despite current market price action dominated by bears, the Dogwifhat (WIF) community has remained optimistic that the price will gain some momentum in months to come as the crypto market continues to see some bullish speculation.
Dogwifhat (WIF) Technical Analysis
Source – 1D Dogwifhat (WIF) Price Chart From TradingView
The price of Dogwifhat (WIF) has dropped to its higher timeframe support of $1.3, as it faces key decision time by bulls to defend these price regions or face price going lower towards the sub $1 region, as bears could continue to dominate price, pushing it to lower price points.
The price of Dogwifhat (WIF) trading towards values lower than $1 led to price panic and more sell pressure. If the price of Dogwifhat (WIF) is above $1.3, we could see a minor price bounce toward its high of $2 or $2.5, but if the price breaks lower than the $1 price point, bears would be in control of the price.
The overall price action for Dogwifhat (WIF) remains bearish, with much of the dominance coming from bears. Bulls need to defend their price from trading lower than $1 and eventually avoid panic sell pressure from traders and investors who were optimistic about Dogwifhat (WIF).
