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The Dogwifhat price plunged 18% in the last week despite being up 1.6% in the last 24 hours to trade at $1.62 as of 02:51 a.m. EST on trading volume that soared 13% to $621 million.
Dogwifhat Price On A Bearish Trend
The WIF price analysis on the 4-hour timeframe shows that the asset has been in a downtrend since mid-December, as highlighted by the large blue arrow.
The Dogwifhat price failed to hold key support levels and dropped sharply below the 50-day Simple Moving Average (SMA) and 200-day SMA, signaling a continuation of bearish momentum.
Recently, the price of WIF broke below a horizontal support zone around $1.75-$1.85, which has now turned into resistance, according to GeckoTerminal data.
A slight rebound from the $1.50 support area is visible, indicating a temporary halt in the decline. However, the broader trend remains bearish unless the Dogwifhat price reclaims higher levels.
The Relative Strength Index (RSI) is at 33.94, indicating that the asset is near the 30-oversold zone. While not technically oversold, it is approaching levels where a bounce could occur.
A divergence in RSI (price making lower lows but RSI stabilizing) might suggest weakening bearish momentum, but this isn’t confirmed yet.
WIF Gearing Up For A Bullish Trend Reversal
Given the current structure, the price of WIF will likely remain under selling pressure unless it breaks and holds above the $1.75-$1.80 resistance zone (previous support turned resistance).
If WIF moves higher, the 50-day SMA at $1.9582 would be the next major hurdle for bulls. A rejection at $1.75 or lower could push the price back to retest the $1.50 level, and a break below this support could open the door to further declines, potentially toward $1.30 or lower.
If the price of Dogwifhat successfully reclaims $1.75 and breaks above the 50-day SMA at $1.95, it could target the 200-day SMA near $2.28.
Meanwhile, investors are buying into a new Layer 2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 719K subscribers, Solaxy has the potential to soar 100X post-launch.
First Solana Layer 2 Project Solaxy Soars Past $9.5M In Presale
The Solaxy presale is closing in on the $10 million mark in a little over three weeks. Major crypto investors are calling $SOLX one of the top crypto investments for 2025, highlighting its role as a leading Solana Layer-2 token.
Solaxy takes a unique approach to solving Solana’s congestion issues with its Layer 2 scaling solution that aims to boosts efficiency, customization, and performance while leveraging Solana’s strengths.
🚨 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 is highly optimized for speed and scalability, thus delivering smooth and reliable transactions without congestion or failures.
By combining Ethereum’s liquidity with Solana’s scalability, it offers multi-chain compatibility, blending the best of both ecosystems.
Its staking program also offers token holders a huge 367% annual reward rate.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at $0.001596 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 26 hours to secure the best deal.
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