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The Dogwifhat price surged over 19% in the last 24 hours to trade at $3.69 as of 2:30 a.m. EST as investors bet big on the Solana meme coin.
WIF was also able to set a new all-time high at $4.01 in the last 24 hours, and overtook Pepe in terms of market cap. Dogwifhat is currently the third largest meme coin by capitalization.
Largest meme coins by market cap (Source: CoinMarketCap)
The Dogwifhat Price Breaks Above Major Resistance
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price formed a positive price channel after it printed a series of higher highs and higher lows. This bullish momentum enabled the meme coin to not only overcome the $2.7730 barrier, but to also rise above the $3.4157 resistance level.
Traders have started taking profit as WIF trades at the upper boundary of the ascending price channel. Should sellers continue to exert pressure on the crypto, it may be at risk of retesting the recently-breached $3.4157 mark. This is a key level to watch because it is near the lower boundary of the aforementioned bullish channel. A break below this point may therefore signal a bearish reversal in WIF’s trend.
WIF might then seek support from the next key mark at $2.7730. Continued sell pressure should the meme coin reach this point could lead to the Dogwifhat price falling to as low as $2.0661 in the short term.
On the other hand, a sustained position above the $3.4157 level might invalidate the bearish thesis. In this alternative scenario, the altcoin may continue its positive streak to rise to new heights.
Technicals Suggest The Dogwifhat Price Might Retrace
Technical indicators on WIF’s 4-hour chart suggest the crypto’s bullish momentum is cooling down. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) warn of a looming correction.
A major bearish technical flag is also on the cusp of being triggered by the RSI on the 4-hour chart, as the RSI is busy collapsing towards its Simple Moving Average (SMA) line. The former falling below the latter is generally seen as a signal that sellers have gained the upper hand against buyers. As such, it may be easier for bears to pull the Dogwifhat price down in the coming 24 hours than it will be for bulls to push it up during the same period.
With the MACD line also falling closer to the MACD Signal line, it seems WIF’s bullish trend has reached a peak and is losing steam. A cross between these two lines in the coming 24 hours might indicate that the meme coin has entered a short-term bearish cycle.
While WIF attempts to keep climbing, investors are turning to Smog (SMOG) as the team teases an upcoming exchange listing.
The Potential To 10X Shortly After Listing
Smog piqued the interest of the crypto community with the “greatest airdrop of all time.” By completing a variety of quests listed in the project’s Zealy campaign, investors are able to accumulate XP. Each investor’s XP will then be used to determine how much of the $1 million airdrop they will receive. Over 6 million quests have already been completed, as investors scramble to get their piece of this new Solana meme coin pie. Although season one is scheduled to end in five days, investors can still take part in the campaign to build their XP.
$SMOG 🐉 | The greatest #Solana #Airdrop of all time! 🔥
Buy, hold, and complete quests on #Zealy to qualify in the airdrop and climb the leaderboard! 🥇
🌐 20K+ Participants on Zealy
👥 96.71K+ Holders
💰 $145.04M+ MC
✅ 1.9M Quests Completed🪂 Airdrop link in bio!🔗 pic.twitter.com/ztTNkdkv6V
— Smog_Token (@Smog__Token) March 13, 2024
As season two kicks off, the Smog team have announced that the meme coin will be listed on its first major exchange “very soon!” Speculation as to which exchange may welcome the token to its platform continues to grow, especially after Solana meme coins Book of Meme (BOME) and WIF both scored Binance listings, causing their prices to skyrocket.
Even if the upcoming listing is not on Binance, Smog’s price will likely still surge due to the fact that listing on any exchange increases the exposure of a crypto, potentially opening it up to more buyers. SMOG is also perfectly positioned to ride the Solana meme coin hype, which has seen investors drop millions of dollars into these cryptos in just the last couple of weeks.
Not Too Late To Get In On Smog Before It Pumps
Investors who do not want to wait for the exchange listing to buy into SMOG can acquire the token by either completing Zealy quests or by buying the token on its official website.
Selling at a 10% discount on its website, SMOG can be purchased using either USDT, ETH or bank card. Once purchased, investors can gain access to additional rewards by staking their tokens. The staking program is currently offering investors at this early stage a 42% APY.
SMOG can be purchased here.
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