With the worth of Bitcoin recording a correction of roughly 9% in its portfolio throughout the previous 24 hours, the cryptocurrency trade has witnessed a big correction with prime altcoins displaying an identical pattern of their respective portfolio.
Regardless of the WIF worth shedding roughly 13% throughout the previous 24 hours, it has added 34.52% throughout the previous seven days and roughly 644% over the previous 30 days, highlighting a powerful potential for the memecoin within the coming time.
Additionally Learn: Crypto Market Takes A Hit As Bitcoin Worth Drops Beneath $68,000!
Dogwifhat Worth Drops Over 13% Amid Market Correction!
The WIF memecoin traded in a slender area between $0.2820 and $0.4644 for 2 weeks, highlighting a weak worth motion for the coin out there. Because the bulls regained momentum, the dogwifhat worth recorded a leap of 422.6% over the subsequent six days.
After dealing with rejection at $2, the memecoin displayed a impartial pattern by buying and selling in a closed vary between $1.50 and $2.00 for the subsequent few days, throughout which it witnessed important fluctuation within the chart. The WIF worth then jumped 35.06% earlier than dealing with rejection beneath $2.50.
Following this, the WIF token traded sideways for a few week, indicating a cool-off within the worth motion. Not too long ago, the bulls regained momentum and recorded a leap of 75%, after which it confronted rejection at $3.50. Since then, the worth has been displaying a impartial pattern.
The technical indicator, RSI, shows a fall above the overbought vary, highlighting a lower within the shopping for and promoting strain out there. Additional, the averages present a bearish convergence, suggesting a unfavourable worth motion for the Solana-based memecoin within the upcoming week.
Will WIF Worth Rise Again Up?
If the market pushes the WIF worth above the resistance stage of $3.50, the bulls will regain momentum and take a look at its higher resistance stage of $4. Furthermore, if the memecoin continues to commerce beneath a bullish affect, it is going to put together to check a brand new excessive of $4.50 within the upcoming time.
Conversely, if a pattern reversal happens, the bulls will lose momentum and fall to check its help stage of $2.50. Additional, if the bulls fail to regain momentum, it is going to plunge and put together to check its decrease help stage of $2 within the coming time.