Despite the completion of the 4th Bitcoin Halving, the cryptocurrency industry has displayed a neutral price action over the past weekend, highlighting stability in the crypto market. Positively, the memecoin category displayed a bullish reversal with top memecoins trading under a bullish influence during this time.
On the other hand, the Solana ecosystem has displayed a weak price action, resulting in the blockchain’s second most successful memecoin, the dogwifhat price recording a correction of 4.42% within the past 24 hours.
The WIF price continues hovering close to its important resistance level of $3.050, indicating a strong liquidation point. Despite recording a correction of over 4% within the past day, the dogwifhat memecoin has successfully formed a cup and handle pattern in the 1D time frame.
At the time of writing, the price of the WIF token was $3.004. Positively, the dogwifhat price has added 25.32% within the past 30 days and its YTD stands at 1,900.1%. Moreover, the Simple Moving Average (SMA) shows a bullish convergence, indicating a strong bullpower in the crypto market.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a decrease in the selling pressure within the market. Moreover, the averages show a high possibility of a bullish convergence, suggesting a bullish price action for the WIF crypto this month.
Also Check Out : Memecoins Regain Strength, DOGE Price Building Pressure, While dogwifhat Surges Above 15%
If the market pushes the price above the resistance level of $3.050, the bulls will regain momentum and test its resistance level of $3.90. Moreover, if the bulls hold the price at that level, it will set the stage for the WIF price to attempt to test its upper resistance level of $4.58 during the upcoming months.
Conversely, bearish price action could lead the price toward its crucial support level of $2.09 this month.
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