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The Dogwifhat price pumped over 20% in the last 24 hours to trade at $3.509 as of 12:50 a.m. EST, defying a slump in the meme coin sector.
The Dogwifhat Price Enters A Consolidation Period
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price has entered into a consolidation phase between $3.080 and $3.6236 after it was rejected by the $3.6236 resistance in the last 24 hours. Despite this rejection, the meme coin continues to trade in a positive price channel that formed following the series of higher highs and higher lows the crypto printed over the past few days.
The next 8 hours will be key in determining the future price direction of the Dogwifhat price. Should the meme coin keep trading sideways during this time, it will exit the aforementioned price channel. It may then retest the $3.080 support level as a result. A break below this mark could expose WIF to the risk of dropping to the subsequent support level at $2.42270 in the following 24-48 hours.
On the other hand, the Dogwifhat price overcoming the $3.6236 resistance level in the next 8 hours could invalidate this bearish thesis. In this alternative scenario, the crypto may have the foundation needed to extend its ascending price channel through the course of the next couple of days.
Technicals Point To A Dogwifhat Price Drop
Technical indicators on WIF’s 4-hour chart warn of a continued drop for the Dogwifhat price. Most notably, the Relative Strength Index (RSI) is on the verge of triggering a significant bearish technical flag, as it attempts to break below its Simple Moving Average (SMA) line.
Traders generally identify the RSI falling below the SMA as a sign of a bearish shift in momentum. The RSI positioned above 65, as is the case with WIF on the 4-hour chart, is also often seen as a sell signal. This is due to the fact that a high RSI indicates the downside potential for a crypto is greater than its upside potential.
The RSI is not the only indicator flagging bearish, as the Moving Average Convergence Divergence (MACD) suggests that WIF’s bullish trend is cooling down. This is evident by the MACD line collapsing towards the MACD Signal line.
While the Dogwifhat price stands the risk of dropping further in the next 48 hours, investors continue to accumulate the Solana meme coin competitor Smog (SMOG) in anticipation of what is being called “the greatest airdrop of all time.”
The Latest Solana Meme Coin Sensation
Smog is a dragon-themed crypto that is the latest meme coin to enter the burgeoning Solana meme coin ecosystem.
It aims to repeat the success of predecessors including Bonk (BONK), Dogwifhat (WIF), Myro (MYRO), and Wen (WEN). To achieve this, the project’s team has placed an emphasis on growing the Smog community by promising the biggest airdrop events to ever hit the crypto market.
The exact details of the airdrop have not yet been disclosed, but the crypto’s tokenomics show it will be huge with 35% of SMOG’s supply set aside for these events.
To be eligible for the airdrop, investors need to buy and hold Smog tokens. They can also complete a variety of quests listed on Smog’s Zealy campaign to gain airdrop points and improve their chances of gaining more free tokens.
The types of quests range from liking and retweeting Smog X posts to trolling Binance on their official page. Each of these quests will reward token holders with points upon completion, which will then be used to determine the percentage of the airdropped tokens each participant will receive.
Investors Cannot Get Enough Of Smog
Investors have been rushing to accumulate SMOG, which is evident by its 433% increase in price over just the past month. What’s more, the project currently boasts more than 90K community members across all of its platforms. There are also over 95.5K SMOG holders, while more than 1.9 million quests have already been completed in the crypto’s Zealy campaign.
https://twitter.com/Takes_ReformDAO/status/1766183286332703003
It’s best to buy SMOG on the official website, where there is a 10% discount. The crypto is currently selling for just over $0.22 and can be purchased using either ETH, USDT or bank card.
SMOG can be purchased here. When you stake your newly-purchased tokens, you will earn a 42% annual yield.
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