Dogwifhat Price Prediction As WIF Plunges 11% And This Olympic Games Meme Coin Rival Races Past $300k
Release: 2024/08/01 15:54 Reading: 980
Dogwifhat Price Plunges Over 11%, Nears Critical Support
The Dogwifhat price has witnessed a sharp decline of over 11% in the past 24 hours, currently trading at $2.03 as investors divest their holdings. This pullback extends the weekly and monthly price declines to 19% and 11%, respectively.
Crucial Support Level Tested
The Dogwifhat price faces a critical support level at $2.0233. If the cryptocurrency falls below this point, it risks dropping to the next support mark of $1.7192 within the next 24 hours.
Alternatively, if WIF manages to close the next three 4-hour candles above $2.0233, it could invalidate the bearish thesis. This could lead to an attempt to flip the $2.3272 resistance level into support, potentially propelling the price towards $2.6162 in the short term.
Technical Analysis Suggests Further Decline
Technical indicators on WIF's 4-hour chart, including the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), indicate a potential for continued price decline.
The RSI, which measures buying and selling pressure, has fallen to 24, suggesting oversold conditions. While this may present a buying opportunity for some traders, it is not uncommon for the RSI to remain at low levels during sharp sell-offs.
The MACD line, which measures the difference between two exponential moving averages, is positioned bearishly below the MACD Signal line. This is generally interpreted as a sign of a negative short-term trend.
Investors Turn to Alternative Meme Token
As technicals suggest that the Dogwifhat price may continue to drop, investors are exploring alternative meme tokens such as The Meme Games (MGMES).
MGMES, endorsed by YouTuber Austin Hilton, aims to bring the Olympic spirit to the crypto space through its unique ICO structure. Investors can participate in a digital sprint by choosing between five characters, including Dogecoin and DogWifHat. If their chosen character wins the race, they receive a 25% bonus on their purchase.
MGMES has raised over $300K in its presale, highlighting strong investor interest in the project. The token is currently priced at $0.0091 and can be purchased using ETH, USDT, BNB, or a bank card.
Investors are advised to act swiftly as the token's price is expected to increase in the coming hours.
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