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With the price of Bitcoin recording a correction of approximately 9% in its portfolio within the past 24 hours, the cryptocurrency industry has witnessed a significant correction with top altcoins displaying a similar trend in their respective portfolio.
Despite the WIF price losing approximately 13% within the past 24 hours, it has added 34.52% within the past seven days and approximately 644% over the past 30 days, highlighting a strong potential for the memecoin in the coming time.
Also Read: Crypto Market Takes A Hit As Bitcoin Price Drops Below $68,000!
The WIF memecoin traded in a narrow space between $0.2820 and $0.4644 for two weeks, highlighting a weak price action for the coin in the market. As the bulls regained momentum, the dogwifhat price recorded a jump of 422.6% over the next six days.
After facing rejection at $2, the memecoin displayed a neutral trend by trading in a closed range between $1.50 and $2.00 for the next few days, during which it witnessed significant fluctuation in the chart. The WIF price then jumped 35.06% before facing rejection below $2.50.
Following this, the WIF token traded sideways for about a week, indicating a cool-off in the price action. Recently, the bulls regained momentum and recorded a jump of 75%, after which it faced rejection at $3.50. Since then, the price has been displaying a neutral trend.
The technical indicator, RSI, displays a fall above the overbought range, highlighting a decrease in the buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting a negative price action for the Solana-based memecoin in the upcoming week.
If the market pushes the WIF price above the resistance level of $3.50, the bulls will regain momentum and test its upper resistance level of $4. Moreover, if the memecoin continues to trade under a bullish influence, it will prepare to test a new high of $4.50 in the upcoming time.
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $2.50. Further, if the bulls fail to regain momentum, it will plunge and prepare to test its lower support level of $2 in the coming time.
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