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The Dogwifhat price plunged 12% in a week and 5% in the last 24 hours to trade at $1.22 as of 11:28 p.m. EST on trading volume that soared 8% to $1.1 billion.
Dogwifhat Price On A Sustained Downtrend
The WIF price chart on the 4-hour timeframe indicates a prolonged downtrend, forming a falling wedge. The Dogwifhat price has been consistently making lower highs and lower lows, signaling a bearish sentiment.
However, a recent bounce from the lower support of this channel suggests that buyers are stepping in at key levels. Meanwhile, the 50-day Simple Moving Average (SMA) at $1.2870 is positioned below the 200-day SMA at $1.6526, confirming a bearish alignment, as per GeckoTerminal data.
This “death cross” pattern suggests that WIF remains in a long-term downtrend unless a significant bullish reversal occurs.
The Relative Strength Index (RSI) stands at 49.67, which is near the neutral 50 mark. This indicates a balance between buyers and sellers, with no strong momentum in either direction.
Moreover, the Moving Average Convergence Divergence (MACD) line is at 0.0151, with the signal line at -0.0143, and the histogram shows slight bullish momentum.
A crossover above the signal line could indicate a potential reversal.
Can WIF Recover?
The WIF price is currently testing the resistance of the falling wedge pattern.
A confirmed breakout above the $1.30 – $1.32 range, along with increasing volume, could push the price of Dogwifhat toward the 50-day SMA at $1.2870 and potentially the 200-day SMA at $1.6526 in the medium term.
However, failure to break resistance may result in another downward move towards $1.10 or lower.
Meanwhile, investors are piling into a new layer 2 Solana meme coin called Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 723K subscribers, says SOLX has the potential to soar 100X post-launch.
A Promising Solana Alternative?
The Solaxy presale is gaining momentum as it surges past $16.2 million in presale funds. It comes in the wake of network congestion on Solana ($SOL), triggered by a spike in activity following the launch of Trump-themed meme coins TRUMP and MELANIA last week.
As the first-ever Layer-2 scaling solution for Solana, Solaxy aims to enhance the network’s capacity and performance, paving the way for $SOL to unlock even greater value.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
The project’s solution relies on three key features: off-chain processing to handle the heavy work, transaction bundling to cut costs, and secure settlement back on the main Solana chain.
Once launched, Solaxy will also provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer-1 capabilities.
Solaxy also offers holders who stake their SOLX tokens a huge annual yield of 245%. Over 4.6 billion SOLX have been staked so far.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.00162 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 2 days to secure the best deal.
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