The cryptocurrency market leader, Bitcoin price, has displayed a bullish price action by recording a jump of 2.85% within the past day. This resulted in the memecoins category experiencing a significant jump in their respective portfolios.
With the increased price action in the crypto industry within the past 24 hours, Solana price and memecoins on its network have also experienced a positive price action with dogwifhat (WIF) price adding approximately 5% during this time.
Despite increased price volatility in the crypto space, the WIF price continues to hover close to its support/resistance level of $3.050 from the past week, indicating a weak buying and selling sentiment for the memecoin in the crypto industry.
Furthermore, the dogwifhat token continues to face repeated rejection at its resistance zone, indicating a strong liquidation point for the dogwifhat memecoin at that level.
The Moving Average Convergence Divergence (MACD) displays a constant flatline in the histogram, highlighting weak buying and selling pressure for the memecoin in the crypto industry. Moreover, the averages show a neutral trend, suggesting a mixed sentiment for the dogwifhat price in the crypto space.
On the other hand, the Simple Moving Average (SMA) shows a high possibility of a bearish convergence in the 1D time frame, suggesting a negative outlook for the WIF memecoin in the coming time.
If the market holds the dogwifhat (WIF) price above its support level of $3.050, the bulls will regain momentum and prepare to test its resistance level of $3.9075 this month.
Conversely, if the bears overpowered the bulls, the WIF coin price would break down its support level of $3.050 and plunge toward its lower support level of $2.09 during the upcoming weeks.
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