{"id":569774,"date":"2024-08-28T04:22:36","date_gmt":"2024-08-28T04:22:36","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=569774"},"modified":"2024-08-28T04:22:36","modified_gmt":"2024-08-28T04:22:36","slug":"dogwifhat-price-prediction-wif-plunges-12-as-investors-rush-to-buy-this-p2e-doge-before-its-too-late","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/dogwifhat-price-prediction-wif-plunges-12-as-investors-rush-to-buy-this-p2e-doge-before-its-too-late","title":{"rendered":"Dogwifhat Price Prediction: WIF Plunges 12% As Investors Rush To Buy This P2E DOGE Before It\u2019s Too Late"},"content":{"rendered":"
The Dogwifhat price <\/span>plunged<\/span><\/a> more than 12% in the last 24 hours to trade at $1.57 as of 11:42 p.m. EST as investors offload their holdings in the dog-themed meme coin on the market.<\/span><\/p>\n This drop in the WIF price coincides with a 6% decrease in the overall meme coin market cap throughout the past trading day. <\/span><\/p>\n 4-hour chart for WIF\/USD (Source: <\/span>GeckoTerminal<\/span><\/a>)<\/span><\/p>\n The <\/span>Dogwifhat<\/span><\/a> price dropped below the key support level at $1.6579 in the last few hours and is now testing the next major mark at $1.4799. Should it drop below this second point, the meme coin could be at risk of plunging to as low as $1.3304 in the short term.<\/span><\/p>\n However, WIF reclaiming a position above the $1.6579 mark or rebounding from the $1.4799 support in the next 24 hours might invalidate the bearish thesis. Traders will likely identify the Dogwifhat price’s current levels as a buy opportunity in this alternative scenario. This potential buy pressure could then lead to the crypto climbing to the $1.8216 resistance level.<\/span><\/p>\n From a technical perspective, bears seem to have a clear upper hand against bulls on the 4-hour chart. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators show that buyers have a lot of work to do if they would like to regain control of the Dogwifhat price.<\/span><\/p>\n In the last couple of days, the MACD line crossed below the MACD Signal line to indicate that <\/span>WIF<\/span><\/a> has entered a short-term negative trend. After these two technical indicators intersected, the meme coin lost the support of the $1.6579 mark, validating the bearish signal. With the gap between the two lines still growing, the bearish momentum seems to be intensifying.<\/span><\/p>\n Meanwhile, RSI readings have plummeted from 47 to 29. Traders usually see declining RSI values as a sign of diminishing buyer strength. <\/span><\/p>\n With the RSI now showing that the meme coin is oversold, some traders could start to buy into WIF since its upside potential is greater than its downside potential. However, traders will want to wait for a confirmation of a bullish trend reversal before going long on the meme coin, because the RSI tends to remain low when a crypto is being dumped.<\/span><\/p>\nThe Dogwifhat Price Could Lose Another Key Support<\/span><\/h2>\n
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Bears Maintain A Strong Grip On The Dogwifhat Price<\/span><\/h2>\n