The price of Dogwifhat (WIF), which made a significant impact in the market recently, seems to have created a sense of unease among investors as Bitcoin‘s price fell below the $60,000 level again. Following the price movements in the last 24 hours, it is observed that investors’ approach to WIF has changed due to intense selling pressure.
Dogwifhat Lacks Support
It is known how high volatility can be in cryptocurrencies, and in the past, it has been seen how quickly panic sales can rise even with the smallest price movements. The drop in WIF’s price also revealed a similar situation. While the meme coin experienced a 10% drop in one day, it was observed that the situation created unease among investors.
In the open interest of the meme coin, a significant decline of 43 million dollars was recorded within just one day. The decline caused investors and traders to question WIF’s future performance.
In addition to the decline, it was reflected in the charts that WIF’s Relative Strength Index (RSI) also remained in the negative zone. Despite the upward movement in WIF’s price today, it can be said that the RSI value failed to rise above the neutral level, reflecting the continued weakness in the market.
What Will Be WIF’s Price?
After last week’s decline, it was reflected in the charts that WIF experienced a 51% increase from the price level of $1.64 within a 72-hour period, but half of this disappeared over the weekend. While the price decline continues, it is observed that WIF bulls are trying to maintain the support at $1.52.
The current value of WIF stands at $1.71 after a 7% drop in the last 24 hours. While WIF’s market cap indicates a level of 1.7 billion dollars, its trading volume reached 368 million dollars after a 66% increase.
Amidst all this, it is crucial for WIF to convert the resistance at $1.83 into support to move above the resistance at $2.01. Looking back, it has indeed been seen that the mentioned level has served as a very important support level for the meme coin. If the level is maintained, WIF’s price could potentially rise to $2.36.
However, if WIF fails to reach and sustain $1.83 as a support level, it could drop back to $1.52. This time, the meme coin could host a significantly larger exit, preventing any potential price increase.
