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The Dogwifhat price plummeted more than 7% in the last 24 hours to trade at $2.36 as of 11:33 p.m. EST as investors offload their holdings in the meme coin.
With the recent drop in the WIF price, the altcoin’s weekly performance has also been pushed into the red zone by more than 6%.
Dogwifhat Price Might Retest A Key Support
4-hour chart for WIF/USD (Source: GeckoTerminal)
The Dogwifhat price slid below the $2.4712 support in the last few hours, and could be at risk of testing the subsequent technical crutch at $2.2421 if the bearish pressure persists. WIF has tested the $2.2421 mark twice in the last week, with both attempts being followed by a rebound.
Should history repeat itself with this next retest, the Dogwifhat price might recover and try to reclaim the $2.4712 support. Thereafter, a 4-hour candle close above this key price point could then give the meme coin the foundation needed to keep rising in the short term. WIF might subsequently try to flip the $2.7180 resistance into support before rising to $2.9471.
Technicals Suggest The Dogwifhat Price Might Drop A Bit More
Looking at technical indicators, there are signs on WIF’s 4-hour chart that warn the meme coin’s price drop is not over yet. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.
In the last 24 hours, the MACD line crossed below the MACD Signal line. This technical occurrence is oftentimes seen as an indication that a crypto has entered a negative trend. With the gap between these two lines still growing, it appears that WIF’s bearish momentum shows no signs of slowing down just yet.
RSI readings have also plummeted to the high 30s, which suggests that sellers have a strong grip on the Dogwifhat price currently. However, the indicator has started to level off in the oversold region. This could be identified as a buy opportunity since WIF’s upside potential is greater than its downside potential.
The low RSI readings leveling off in oversold territory is similar to what happened with the past 2 retests of the $2.2421 mark, which suggests there is a possibility that history will repeat itself and the Dogwifhat price will rebound from this crucial price level. However, bullish traders might want to wait for the gap between the MACD and MACD Signal line to start to shrink.
As traders wait to see if another rebound in the Dogwifhat price is on the cards, investors are pouring capital into the presale for meme coin rival Crypto All-Stars (STARS).
A New Meme Coin Offering Investors A Chance At Compounded Rewards
Crypto All-Stars (STARS) is an innovative meme coin project that does not revolve solely around its own token. Instead, it offers fans of big name cryptos the opportunity to lock up their meme coin bags and earn passive staking rewards.
Supported tokens on the Crypto All-Stars platform include DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO, with more options scheduled to be added in the coming weeks.
All tokens that are staked through the Crypto All-Stars platform will earn crypto rewards that are paid out in the project’s native STARS token, unlocking a rarity in the meme coin space – the chance at compounded passive rewards. This is because STARS can also be put to work for a 530% Annual Percentage Yield (APY).
These high rewards come at the most opportune time for meme coin lovers, as experts and analysts forecast an upcoming meme coin supercycle.
As investors wait for this explosive rise in the light hearted sector of the crypto market, they can gradually start to accumulate their favorite meme coins, stake them for compounded rewards, and then profit from the high compounded staking rewards as well as the predicted surge in meme coin prices.
STARS itself is also a promising prospect. YouTuber Jacob Bury told his over 42K subscribers that STARS has the potential to soar 10X after its launch.
Investors Flock To STARS To Gain Access To Unprecedented Rewards And Potential
Crypto All-Stars has already raised over $2.9 million through its ongoing presale, with the $3 million milestone now in sight. This is after crypto whales started joining smaller investors in accumulating the young meme coin.
To get in on the ground floor stage of STARS, investors can use the buy widget embedded on the project’s website. Selling for $0.0015371, STARS can be bought using ETH, USDT, BNB, SHIB, FLOKI, PEPE or bank cards.
Buy within the next two days to avoid a price hike soon after.
Purchase and stake STARS here for 530% in annual rewards.
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