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The Dogwifhat price plunged over 11% in the last 24 hours to trade at $2.03 as of 12:40 a.m. EST as investors offload their holdings in the meme coin on the market.
With this recent pull back, the WIF price is also in the red by more than 19% on the weekly timeframe and 11% over the past month.
The Dogwifhat Price At A Crucial Point
4-hour chart for WIF/USD (Source: GeckoTerminal)
The Dogwifhat price is testing the critical support level at $2.0233. Should the crypto fall below this point, it might stand the risk of falling to the next key mark at $1.7192 in the following 24 hours.
On the other hand, WIF closing the next three 4-hour candles above $2.0233 could invalidate the bearish thesis. In this alternative scenario, the meme coin might attempt to flip the $2.3272 resistance level into support. Overcoming this technical barrier could then give the Dogwifhat price the space needed to rise to as high as $2.6162 in the short term.
Technicals Suggest The Dogwifhat Price Could Continue To Fall
Technical indicators on WIF’s 4-hour chart warn that the meme coin’s price might continue falling in the coming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.
Throughout the past trading session, RSI readings on the 4-hour chart have declined to signal that sellers are overpowering buyers. Now, the RSI stands at 24, which indicates that WIF is oversold. Although this might be seen as a long entry by traders, it is not unusual for the RSI to stay this low when a crypto is being dumped.
Meanwhile, the MACD line is positioned bearishly below the MACD Signal line. Traders usually see this as a sign that a crypto is in a negative short term trend. With the gap between the two technical indicators widening, it seems WIF’s bearish momentum is growing stronger.
If these technical flags are validated, the Dogwifhat price might soon lose the $2.0233 support level.
As technicals warn the Dogwifhat price could keep dropping, investors are turning to The Meme Games (MGMES), a project that YouTuber Austin Hilton recently told his 272,000 subscribers “will be huge.”
Memes Battle It Out For Additional Rewards
The Meme Games (MGMES) aims to bring the Olympic spirit to the crypto space through its unconventional ICO.
With every purchase made at this early stage, investors will need to pick between 5 characters to take part in a digital sprint. The characters to choose from are Dogecoin ($DOGE), Pepe ($PEPE), DogWifHat ($WIF), Brett ($BRETT) and Turbo ($TURBO).
Once investors pick their racer, the characters take part in a sprint. Should their pick win the race, investors will receive a 25% bonus on their purchase amount. With just 5 characters to choose from, investors have a 20% chance to win the additional rewards. What’s more, each ICO purchase gives investors the opportunity to choose a winner.
Racing Towards $1 Million
The Meme Games has raised over $300K through its presale so far, signaling strong investor confidence in the project’s future. This frenzy around the new meme coin is likely to continue given the 741% APY being offered to anyone who buys and stakes MGMES tokens during this early stage.
To unlock these rewards, investors can utilize the simple buy widget embedded on the project’s website to acquire the token.
MGMES is currently selling for $0.0091, and can be bought using either ETH, USDT, BNB or bank card. Once purchased, the tokens need to be locked up via the staking page on the website for the purchase to be eligible for the 741% APY.
Investors will want to act fast because the token’s price is scheduled to increase in less than 3 hours.
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