Dogwifhat (WIF) Price Might Retest A Key Support After Plummeting More Than 7% In The Last 24 Hours

The Dogwifhat price plummeted more than 7% in the last 24 hours to trade at $2.36 as of 11:33 p.m. EST as investors offload their holdings in the meme coin.

Investors in the meme coin Dogwifhat (WIF) might want to brace themselves for further declines in the meme coin’s price, judging by the latest technical analysis.

The Dogwifhat price slid more than 7% in the last 24 hours to trade at $2.36 as of 11:33 p.m. EST Monday. This brought the altcoin’s weekly performance to a loss of over 6%.

The price drop comes amid a broader downturn in the meme coin sector, with investors offloading their holdings in several tokens. However, Dogwifhat’s price decline is steeper than the 1% to 5% drops in the prices of SHIB, DOGE, and FLOKI, respectively.

With investors showing less interest in meme coins, traders might want to consider technical analysis to try and identify potential price movements in the absence of clear fundamentals driving the meme coin’s price.

Dogwifhat Price Might Retest A Key Support

4-hour chart for WIF/USD (Source: GeckoTerminal)

The Dogwifhat price slid below the $2.4712 support in the last few hours, and could be at risk of testing the subsequent technical crutch at $2.2421 if the bearish pressure persists.

Technische Analyse Von Dogwifhat (WIF) Zeigt An, Dass Weitere Preisrückgänge Möglich SindInvestors in den Meme-Coin Dogwifhat (WIF) sollten sich angesichts der neuesten technischen Analyse auf weitere Rückgänge des Meme-Coin-Preises einstellen.

Der Dogwifhat-Preis sank in den letzten 24 Stunden um mehr als 7 % und notierte am Montag um 23:33 Uhr EST bei 2,36 $. Damit verringerte sich der Altcoin in dieser Woche um über 6 %.

Der Preisverfall ereignete sich vor dem Hintergrund eines breiteren Abschwungs im Meme-Coin-Sektor, wobei Investoren ihre Bestände an mehreren Token verkauften. Allerdings fiel der Kursrückgang von Dogwifhat mit mehr als 1 % bis 5 % stärker aus als der Preisverfall von SHIB, DOGE bzw. FLOKI.

Da Investoren weniger Interesse an Meme Coins zeigten, könnten Trader technische Analysen in Betracht ziehen, um mögliche Preisbewegungen zu ermitteln, da klare Fundamentaldaten, die den Preis des Meme Coins antreiben, fehlen.

Dogwifhat-Preis könnte wichtige Unterstützung erneut testen

4-Stunden-Chart für WIF/USD (Quelle: GeckoTerminal)

Der Dogwifhat-Preis sank in den letzten Stunden unter die Unterstützung von 2,4712 $ und könnte Gefahr laufen, die nächste technische Unterstützung bei 2,2421 $ zu testen, falls der bärische Druck anhält. WIF hat die Marke von 2,2421 $ in der letzten Woche zweimal getestet, wobei beide Versuche von einer Erholung gefolgt wurden.

Should history repeat itself on this next retest, Dogwifhat price could rally and attempt to recapture the $2.4712 support. After that, a 4-hour candle close above this key price point could provide the meme coin with the foundation needed to continue rising in the short term. Subsequently, WIF may attempt to turn $2.7180 resistance into support before rising to $2.9471.

Technical data suggests that the Dogwifhat price could still fall a bit

A look at the technical indicators on WIF's 4-hour chart shows signs that the meme coin's price decline is not over yet. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.

In the last 24 hours, the MACD line crossed below the MACD signal line. This technical event is often taken as an indication that a cryptocurrency has entered a negative trend. With the gap between these two lines still growing, WIF's bearish momentum doesn't seem to be slowing down just yet.

The RSI values ​​have also dropped to the high 30s, suggesting that sellers are currently having a strong influence on the Dogwifhat price. However, the indicators have flattened in the oversold region. This could be identified as a buying opportunity as WIF's upside potential is greater than its downside potential.

The low RSI values ​​flattening out in the oversold region are similar to the last two re

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