{"id":560693,"date":"2024-08-05T12:45:00","date_gmt":"2024-08-05T12:45:00","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=560693"},"modified":"2024-08-05T12:45:00","modified_gmt":"2024-08-05T12:45:00","slug":"dogwifhat-price-prediction-wif-dives-20-as-this-p2e-doge-derivative-closes-on-6-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/dogwifhat-price-prediction-wif-dives-20-as-this-p2e-doge-derivative-closes-on-6-million","title":{"rendered":"Dogwifhat Price Prediction: WIF Dives 20% As This P2E DOGE Derivative Closes On $6 Million"},"content":{"rendered":"

The Dogwifhat price plummeted 20% in the last 24 hours <\/span>to trade at $1.22<\/span><\/a> as of 03:48 a.m. EST on trading volume that surged 120% to $1.2 billion.<\/span><\/p>\n

This comes as the meme coin sector takes a beating amid the financial markets flash crash, tumbling 17% to hit a market capitalization of $32 billion.<\/span><\/p>\n

Dogwifhat Price Bearish, But Can The Bulls Stage A Trend Reversal?<\/h2>\n

The Dogwifhat price rallied from July 12 to July 24 through a markup phase to as high as $2.87 before going through a correction back to the neckline at $1.5 and dropping further thereafter, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

The bearish sentiment has been supported by WIF dropping below both the 50-day and 200-day Simple Moving Averages (SMAs).<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) is also dropping and trading below the 30-oversold level at 17, which shows that the asset is under intense selling pressure.<\/span><\/p>\n

With the RSI showing that the price of Dogwifhat is undervalued, the bulls could stage a trend reversal by buying the token. In this scenario, the WIF price could rally back to $2.0 (50-day SMA).<\/span><\/p>\n

However, WIF could plunge further to the $0.50 support if the selling pressure intensifies. The 50-day SMA is now crossing below the 200-day SMA, which forms a death cross at $2.09, which could push the bears to sell more.<\/span><\/p>\n

\"Dogwifhat
Dogwifhat Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

Meanwhile, as the Pepe price plunges and bulls search for more buying signals, investors are rushing to buy another meme token, <\/span>PlayDoge (PLAY)<\/span><\/a>. According to prominent YouTuber Jacob Bury, the project has the potential to produce a 10X return on investment after launch.<\/span><\/p>\n