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.
Read Also : Memecoin Mania : Here’s How Trader Turned $1.49 Million in 2 Days
The demand for Bitcoin by sovereign wealth funds has skyrocketed in the past few years.…
BlackRock has heavily invested in RWA tokenization to connect TradeFi and DeFi seamlessly. The U.S.…
If you want a presale with well-defined terms, working technology, and huge upside, start here.…
Bitcoin's price is holding strongly above the important $100,000 mark, as holders keep buying whenever…
The PI price has skyrocketed today following the Federal Reserve’s decision that boosted the Bitcoin…
Shiba Inu (SHIB) recently demonstrated its resilience with a significant transaction volume of 6.71 trillion…
