WIF Price Crashes 10%, A Retest Teases A Jump To $5

Published by

Sohrab Khawas

May 8, 2024

As the market slumps in the mid-week, the altcoins, especially the meme coins, experience a sharp increase in supply. Amidst the meme coins, the WIF price reverts drastically, threatening the prevailing uptrend.

Will the meme coins sector make a comeback this month? Will the Dogwifhat price make a post-retest jump to surpass the $5 peak in May? Check out our WIF price prediction for a long-term perspective on this new and trending coin.

Dogwifhat Price Performance

With a bullish failure to surpass the high supply resistance level of $3.35, the meme coin suffers a 10% drop in market value. With the crash, the WIF price loses the $3 mark and heads lower for the next support.

However, the 18% drop in trading volume reflects the bullish exhaustion leading to additional supply.

The downfall in WIF price retests the broken resistance trendline of the triangle pattern. With this, the sideline traders anticipate a post-retest jump in the meme coin to prolong the prevailing uptrend.

Currently, the meme coin trades at $2.87 with an intraday drop of 4.17%, reflecting an increment in the bearish momentum. As the bearish candle streak continues, the chances of a bullish comeback are getting slimmer.

Technical indicators:

MACD: The MACD and signal lines are struggling to rise into the positive territory. Further, a bearish crossover looming over the average lines reflects an increase in supply.

RSI: The daily RSI slope trends sideways after rising close to the overbought zone.

Will WIF Price Make A Comeback?

As the meme coin struggles to overcome the recent spike in supply pressure, the reversal chances are slim. The WIF price action projects a post-retest reversal possibility from the broken resistance trendline. However, the intraday drop of 4% warns of a downtrend continuation.

In case of a reversal, the WIF price could reach the $5 mark this month. Conversely, a drop under $2.75 will test the $2 psychological mark.

Also Check Out : BOOK OF MEME (BOME) Price Prediction: BOME Memecoin To Plunge 20% Soon?

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas

Tags: Price Analysis