Memecoin News
Despite the possibility of a devastating 10% decline in Dogwifhat, traders are still predicting a rebound.
May
Can We Expect a Bounce Based on the Analysis of WIF Meme Coin Price?
The WIF meme coin’s current price is below a crucial level, causing worry for traders. Yet, others are hopeful for a potential increase in the coming days.
Possess this unique cryptocurrency artifact.
Acquire this article as a unique and non-fungible asset.
Dogwifhat (WIF) has dropped by 10.22% in the last 24 hours, reaching a level that some analysts believe could have a significant impact on the meme coin. Despite this, traders are hopeful for a quick recovery.
According to data from CoinMarketCap, WIF has recently dropped below the important support level of $2.96 on May 27, with its current price being $3.37.
Crypto trader Jack Skipp, also known as “CryptoJack,” cautioned that WIF must remain above $3.5 in order to avoid potential disaster, as it is currently trading 3.7% below a significant price level.
Meanwhile, a trader with the handle “Ponzi Trader” spotted a reversal pattern on the 4-hour chart, suggesting a potential increase in the price of WIF.
According to CoinGlass data, if the price returns to a specific point, long positions worth $20 million may be liquidated.
In addition, individuals trading futures have grown their stakes in WIF and the Open Interest (OI) has reached its highest point in 2 months, totaling $478.39 million.
Out of the 100 most popular cryptocurrencies, WIF had the largest decrease in value within the past 24 hours, while other meme-based coins such as BONK and BOME also faced declines.
On March 30th, WIF reached an unprecedented value of $4.64. The largest holder of the wallet has recently sold a considerable amount of their assets at a reduced price.
This piece does not offer investment recommendations. Readers are urged to conduct their own investigations prior to making any monetary choices.