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The Dogwifhat price plunged 7% in the last 24 hours to trade at $0.62 as of 12:09 a.m. EST on trading volume that plummeted 45% to $241 million.
Dogwifhat Price Analysis: Potential Breakout From Falling Wedge?
The WIF price has been trading within a well-defined falling wedge pattern, marked by the two orange trendlines.
A falling wedge is typically a bullish reversal pattern, meaning that once the price of WIF breaks above the resistance, it can trigger a strong upside move.
The current Dogwifhat price is still below both the 50 Simple Moving Average (SMA) on the 4-hour chart at $0.6476 and the 200 SMA at $0.8806, suggesting that the asset is still in a downtrend, according to GeckoTerminal data.
However, it is testing the upper boundary of the wedge, meaning a breakout attempt could be near.
The Relative Strength Index (RSI) is at 41.73, indicating a neutral-to-bearish momentum. If the RSI moves above 50, it would confirm increasing buying pressure and support a breakout scenario.
If the price of WIF breaks above the wedge resistance and the 50 SMA ($0.6476), the next resistance is at $0.88 (200 SMA).
A strong breakout with volume could send the price toward $2.00, aligning with the measured move target.
Conversely, if the price of Dogwifhat fails to break out, it could continue trading inside the wedge, with $0.50 as the next key support level. A drop below the lower trendline of the wedge would invalidate the bullish outlook, possibly leading to further downside.
As the WIF price plunges, investors are shifting focus to a new meme coin called Meme Index (MEMEX). According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Amasses Over $3.8 Million—Next Big Crypto?
Meme Index is the world’s first decentralized meme coin index, and it’s already closing on $4 million raised in its presale.
The new project is building the first on-chain meme coin index investing platform, providing crypto users with a hassle-free way to get diversified exposure to the sector.
The MEMEX token offers four diversified investment baskets: Meme Titan Index, Meme Moonshot Index, Meme Midcap Index, and Meme Frenzy Index. Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk Meme Frenzy, which features emerging and highly volatile meme coins for those seeking high returns while willing to accept high risk.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
MEMEX holders can also participate in the project’s presale staking pool, which currently provides a stratospheric annual yield of 595%.
You can purchase MEMEX tokens on the official website for just $0.0164896.
Buy MEMEX tokens here before a price hike in less than 22 hours to secure the best deal.
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