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- 1 Dogwifhat price is trading above the key moving averages showcasing bullishness on the daily chart.
- 2 WIF crypto price is facing a weakness in recent times, it is down by 25.18%.
Dogwifhat (WIF) is a digital currency that finds its roots in the Solana blockchain ecosystem. It’s part of the memecoin genre, taking its cue from the Dogwifhat internet meme. It shares the stage with other canine-inspired tokens such as BONK, FLOKI, and BONE, which have also seen a rise in interest. The token’s notable increase in market value reflects its escalating prominence among crypto enthusiasts.
$WIF is a member of the meme coin family, a group of cryptocurrencies that often see shifts in value more by community engagement and viral trends on social media than by the conventional indicators of financial performance or practical use.
Technical Analysis of Dogwifhat Crypto
WIF by on TradingView.com
WIFUSD is trading under bearish influence. The Dogwifhat crypto price was under selling pressure and was on a downward slope, making lower lows in the last few days. The trading volume was also low because traders were on the short side.
The current trend supports bears, and the crypto was in a correction mode, which scared buyers. The Dogwifhat was below the important support levels.
If the Dogwifhat token fails to break above the upper resistance levels, it may face more seller resistance and slide further down. The Dogwifhat crypto needs to show some signals of recovery and regain the confidence of the bulls to reverse the bearishness and start a new rally.
At the time of writing, the Dogwifhatprice was trading at 2.27532166 with an intraday loss of 0.40%, showing a rejection from the upper level. Moreover, the market cap is $2.27 Billion.
Year-to-date WIF gave returns of 1379.94% and 1145.25% in 6 months. In the last 1 month, it gave an outstanding return of 470.83% and a negative return of 28.04% in the last seven days, indicating weakness in the trend.
WIF Crypto Price vs Volume Analysis
According to the graph of price and volume, the trading volume has dropped from $1.11 Billion to $340.97 million since 18 March 2024, and the price has also dropped with trading volume. The trading volume has dropped by 70% in a week and the price has declined by more than 28%. If the trading volume keeps falling then it may leave a negative impact on the price.
WIF Crypto Social Dominance vs Social Volume Analysis
The social volume and social dominance have decreased in the last few months which means the awareness and information on social media including X (formerly Twitter), Instagram, and Telegram have decreased. Suppose the social dominance and social volume graphs increase, then it may affect the WIF price positively.
Summary
The technical indicators of Dogwifhat crypto (USD: WIF) show a downward trend. The MACD, RSI, and EMAs are giving negative signals and suggest that the WIF crypto price could continue to fall. Dogwifhat price movement indicates that the market is negative on the 1-D chart. The market sentiment is bearish right now.
Technical Levels
Support Levels: $1.97.
Resistance Levels: $3.56.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
