Dogwifhat Heading to Zero? WIF Price Hits 3-Month Low as AI Coin Surpasses $6.3 Million
Dogwifhat has fallen by 7.5% in the past 24 hours, with the WIF price sinking to $1.63 amid a market-wide selloff today.
WIF has now lost a hefty 31% in a week and 46% in a month, with the Solana-based meme coin also 66% down from its all-time high of $4.83 in late March.
These losses are heavy, but they arguably put WIF in a position to rebound and recover strongly, with the coin up by 4% in the last hour.
Also, traders who no longer have much faith in WIF can investigate newer tokens, with AI-based chatbot token WienerAI now raising $6.3 million in its popular presale.
The WIF price’s bounce in the past hour puts it in a very good position to make a comeback, with its indicators having hit what looks like a bottom.
Its relative strength index (purple), for instance, has risen from just under 30 earlier this morning to nearly 50 as of writing, a sign of returning momentum.
The RSI has been below 50 for most of the past week, so that coin certainly deserves a recovery.
The same thing goes for WIF’s 30-day average (orange), which has been below the 200-day (blue) for so long now that the logic of technical analysis dictates a rebound very soon.
It’s also interesting that WIF’s trading volume has jumped from $250 million yesterday to $500 million today, a sign of returning demand.
A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO
— Lookonchain (@lookonchain) June 22, 2024
Such demand had been lacking in the past few days, with some whales selling off their WIF holdings.
Yet the ongoing drops in price look to be enticing buyers, with WIF in an increasingly good position for a growth spurt.
Its decline today is part of a market-wide fall that seems to have followed
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