Is DogWifHat Going to Zero? WIF Price Plummets % While Mysterious New Coin Emerges
Amidst huge excitement in Solana meme coin markets, current cycle darling DogWifHat has undertaken a major -15% price correction.
This article will provide an analysis of DogWifHat’s current price trends and look to see whether a newer meme coin, SMOG, represents a more promising investment opportunity at this time.
Binance listed $wif perps at 450mil mcap and at a price of 0.44$. $wif reached a high of 1.9$ and ~1.9bil mcap. (+320%)$Myro announcement comes at ~170mil mcap and at a price of ~0.17$.
Maybe 0.5$+ indeed is realistic "IF" memes continue to show strength and people compare… https://t.co/iIkT4K2mug pic.twitter.com/W5b50l5jav
— Pika (@pikachu_crypto) March 5, 2024
Retracement has attempted to gain a grip on price action, this comes after Binance listed WIF token, sending price skyrocketing as retail investors worldwide flocked to the dramatic rally past the $1 milestone.
As price action reels from the new all-time high, WIF is currently trading at a market price of $1.84 (representing a 24-hour change of +25%).
Yesterday saw a new all-time high posted on the chart, after WIF’s market cap more than doubled following a major Binance listing.
Now in consolidation below topside resistance at $1.93, localized retracement moves appear to have found support above $1.38.
This comes amidst breakaway price action, which has mounted an incredible +457% climb since bouncing off the 20 DMA (remaining at $0.72) on February 25.
If the current consolidation level breaks, a significant divergence between the 20 DMA and WIF price could lead to a major retracement of up to -60%.
Meanwhile, the RSI indicator has shifted to severe bearish divergence, with a strong overbought signal at 84.34.
However, this meets with contrast from the MACD,
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