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The Dogwifhat price dropped more than 9% in the last 24 hours to trade at $3.75 as of 2:35 a.m. EST as investors realize some of their profits from the meme coin’s recent rally.
This recent drop in price could be a liquidity building move before another leg up. Crypto trader and analyst Altcoin Sherpa told his 213.7k followers on X that his next target for the Dogwifhat price is around $5.70.
The Dogwifhat Price Is Stuck In A Descending Channel
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price has printed a couple of lower lows and lower highs on its 4-hour chart in the past 72 hours, resulting in the formation of a descending price channel. Should the meme coin continue to trade in this channel for the next 48 hours, it could be at risk of testing the $2.7493 support. A drop below this mark might then see it fall to the subsequent support at $2.1382 in the following 24 hours, if the sell pressure persists.
On the other hand, a 4-hour candle close above the upper boundary of the negative price channel could invalidate the bearish thesis. Traders might identify the escape from this channel as a long entry. This potential influx of buying activity could then push the Dogwifhat price to the immediate resistance level at $4.5891. Overcoming this threshold might open up the opportunity for WIF to set a new all-time high in the following few days.
The Dogwifhat Price May Climb As Technicals Show Easing Bearish Pressure
Technical indicators on WIF’s 4-hour chart show that sellers have the upper hand against buyers. With the Relative Strength Index (RSI) positioned below its Simple Moving Average (SMA) at around 40, it seems bears are overwhelmingly stronger than bulls.
The Moving Average Convergence Divergence (MACD) line positioned underneath the MACD Signal line on the 4-hour chart corroborates this and signals that WIF is in a short-term negative cycle.
Traders and investors will want to keep an eye on the RSI indicator for the next 24 hours. Buyers seem to be slowly making a comeback, which is evident by the RSI closing in on the SMA.
A cross between these two lines will trigger a major bullish technical flag and might indicate that buyers have regained the advantage against sellers. The MACD indicator also demands attention, with the MACD Histogram becoming more positive, which could be a signal that WIF’s bearish momentum is losing steam.
WIF’s price drop follows the Binance listing it scored at the beginning of March. Following the announcement that the leading crypto exchange would welcome WIF to its platform, the Dogwifhat price skyrocketed.
As investors take some profit from WIF’s pump, another Solana meme coin by the name of Smog is getting ready to surge as it starts trading on MEXC today.
Smog Could Go Ballistic After Its Listing
Smog (SMOG) is one of a long list of meme coins to explode on the burgeoning Solana ecosystem in the past few weeks. The dragon-themed crypto quickly separated itself from the rest of the pack with its gigantic airdrop campaign.
After bringing an end to season one of this campaign with a $1 million airdrop yesterday, the project’s team revealed SMOG’s first major exchange listing.
.@SMOGToken: Buy and hold $SMOG tokens to gain access to the greatest airdrop Solana has ever seen, is coming to #MEXCKickstarter 🚀
🗳Vote with $MX to share massive airdrops
📈 $SMOG/USDT Trading: 2024-04-04 09:00 (UTC)Details: https://t.co/2hnzMA3fB4 pic.twitter.com/UYKQrN9L4T
— MEXC (@MEXC_Official) April 3, 2024
Starting today at 9:00 a.m. UTC, investors and traders will be able to trade SMOG/USDT on MEXC, which is the 11th biggest crypto exchange by daily trading volume, according to CoinMarketCap data.
Not only will this listing make it easier to buy and sell Smog, it will also boost the crypto’s exposure by giving it access to a vast pool of investors.
Although this may introduce the meme coin to opportunistic sellers who will look to profit from the crypto’s listing, it could also bring in a lot of buyers, which will subsequently boost the crypto’s price.
Season Two Of SMOG’s Airdrop Kicks Off
The Smog team distributed tokens based on how many Zealy quests each participant completed. Investors rushed to rack up XP and collectively completed an eye-watering 7.5 million quests.
With the end of the first season, the leaderboards have reset and investors now have a fresh opportunity to build their XP score for season two.
There is one major difference with the second season, however, as the project’s team have placed an emphasis on on-chain and trading activity.
Investors can now grow their XP mainly by trading SMOG on MEXC or transacting with the meme coin on-chain.
Anyone looking to buy SMOG can also acquire the token on the project’s website using either ETH, USDT or bank card. There is also a 42% APY being offered to anyone who stakes their tokens.
SMOG can be purchased at a 10% discount on its official website here.
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