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The Dogwifhat price plunged 3% in the last 24 hours to trade at $1.15 as of 6:26 p.m. EST on trading volume that soared 58% to $696 million.
This comes as a representative for the Las Vegas Sphere denied reports of an agreement to feature the Dogwifhat meme coin at the venue. The statement by the representative contradicts claims made by Dogwifhat supporters.
LAS VEGAS SPHERE SPOKESPERSON REFUTES CLAIMS OF DEAL WITH DOGWIFHAT: DECRYPT
— Aggr News (@AggrNews) January 31, 2025
Can The Dogwifhat Price Recover?
The WIF price has been in a clear downtrend over the past several weeks, forming a falling wedge as illustrated by the orange trendlines.
The Dogwifhat price has consistently made lower highs and lower lows, indicating strong bearish momentum.
Currently, WIF is trading around $1.1504, struggling to maintain support near the psychological level of $1.00. The descending wedge pattern suggests that price compression is taking place, potentially setting up for a breakout in the near future, according to GeckoTerminal data.
However, the price of WIF remains below both the 50-day moving average (MA) at $1.2397 and the 200-day MA at $1.6179, reinforcing the ongoing bearish trend.
The Relative Strength Index (RSI) is currently at 44.98, indicating neutral momentum. While it’s not in oversold territory (below 30), it’s still on the lower end, suggesting that sellers have been dominant but exhaustion could be approaching.
The Moving Average Convergence Divergence (MACD) line (blue) is slightly above the signal line (orange), but both remain close to the zero level. This suggests weak bullish momentum, but no strong confirmation of a trend reversal yet.
If the price of Dogwifhat successfully breaks above the $1.24 resistance (50-day SMA), the next target would be $1.60 (200-day SMA) and eventually $2.00 if momentum continues.
However, failure to break out of the wedge could lead to a retest of the $1.00 support, and a break below this level could trigger further downside to $0.80 or lower.
Meanwhile, investors are also buying a new Solana layer 2 meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 724K subscribers, SOLX has the potential to soar 100X post-launch.
Solaxy Presale Closes On $17 Million – Best Crypto To Buy Now?
Solana markets itself as a fast, reliable, and affordable blockchain, especially compared to Ethereum’s slower and more expensive system. But recent events show Solana has not lived up to these promises, and the situation has worsened after trading boomed following the launch on the blockchain of Official Trump and Melania Meme tokens.
Solaxy solves this by handling transactions on a second layer, easing the load on the Solana mainnet.
Solaxy’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.
Solaxy also offers holders who stake their SOLX tokens a huge annual yield of 236%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001622 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in less than 2 days to secure the best deal and join investors who have poured $16.98 million into the project.
Visit the official SOLX website here.
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