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The Dogwifhat price plunged over 23% in the last 24 hours to trade at $0.5911 as of 5:57 a.m. EST as investors dump their holdings in the crypto on the market.
Despite the drop in the last 24 hours, the WIF price is still 13% in the green on the weekly time frame.
Dogwifhat Price Drops Below A Support
4-hour chart for WIF/USDT (Source: GeckoTerminal)
The Dogwifhat price dropped below the support level at $0.6143, GeckoTerminal data shows. As a result, the meme coin is exposed to the risk of falling to the subsequent mark at $0.5323 if the sell pressure persists over the course of the next few hours.
However, the Dogwifhat price reclaiming the $0.6143 support within the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the meme coin might try to flip the resistance level at $0.6713 into support.
Technicals Warn The Dogwifhat Price Drop Is Not Over Yet
Looking at technical indicators on WIF’s 4-hour chart, it seems that a bearish scenario is more likely to play out in the next few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the Dogwifhat price might keep falling in the short term.
RSI readings have plunged from the mid 70s to the high 30s, signaling a steep drop in buyer strength. What’s more, the negative slope of the RSI line suggests sellers have no intention of easing their pressure on the crypto’s price any time soon.
Additionally, the current reading in the high 30s warns that there is still room for WIF to drop before it enters oversold territory, which is indicated by an RSI reading below 30.
Momentum seems to favor bears as well. In the last 24 hours, the MACD line crossed below the MACD Signal line. This technical event is often seen as a sign that an asset has entered a negative cycle. As the MACD line starts to break away below the MACD Signal line, it appears that WIF’s bearish momentum is picking up steam as well.
If the bearish technical flags presented by the MACD and RSI on the 4-hour chart influence traders’ decision making, the meme coin might soon test the $0.5323 support level.
As the Dogwifhat price remains at the mercy of sellers, investors rush to buy a new presale token called Meme Index (MEMEX) for gains. In a recent video for his over 55.5K subscribers, popular YouTuber Jacob Bury said that MEMEX has the potential to be the next 10X crypto.
A New Innovative Approach To Meme Coin Investing
Over recent months, an investor frenzy has erupted around meme coins. With so many tokens to choose from, picking the right crypto for gains can be difficult.
Meme Index, with its baskets of meme coins, offers investors a way to increase their chances of success. The project introduces 4 investment baskets, or indexes, called Meme Titan, Moonshot, Midcap, and Meme Frenzy.
Each of the baskets feature a bunch of meme coins that are grouped according to their perceived investment risk.
From the relatively safer Meme Titan index that focuses on established meme coins, to the highest-risk Meme Frenzy basket that features emerging, highly-volatile tokens, Meme Index has an option for every investor regardless of their risk appetite.
By simply purchasing and holding MEMEX tokens, investors unlock diversified meme coin exposure. What’s more, MEMEX token holders also get to take part in the project’s governance to decide which tokens should be featured in each index.
As meme coins continue to pull investors in, MEMEX could be the ultimate play for anyone looking to maximize their gains in the anticipated 2025 meme coin supercycle.
Meme Index Offers Investors Last Chance To Buy During Presale
Meme Index has managed to raise over $3.9 million, signaling strong investor confidence in the project’s future. Interest in the project at this early stage is likely to surge soon, as the project offers investors one last chance to buy during the presale stage. With just 27 days left, anyone interested in getting in on this ground level will have to hurry.
MEMEX can be bought through the simple widget embedded on the project’s website. Currently selling for $0.0166883, MEMEX can be bought with either ETH, USDT, BNB or bank card.
Once purchased, investors can also lock up their tokens via the staking page for a 581% APY.
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