Surprisingly, popular meme coin Dogwifhat (WIF) is experiencing negative price action amid a rally in the broader crypto market. While Bitcoin (BTC) and altcoins rose on positive sentiment, Dogwifhat and fellow popular coin POPCAT were the only two assets to see red in the top 10 in terms of market cap.
WIF coin is experiencing a decline
Dogwifhat first showed promise on Saturday, May 18, reaching an intraday high of $2.95. However, this optimism was short-lived and the price quickly dropped 1.61% to $2.81. This coincided with a nearly 33% decline in Dogwifhat’s 24-hour trading volume, indicating a potential decline in market interest.
Adding to the concern is the fact that Dogwifhat witnessed a 5.06% price drop last week, reflecting persistent downward pressure. The token is currently 41.97% off its all-time high of $4.85, reached in March 2024. This significant decline in both price and trading volume underscores the potential declining interest in Dogwifhat among investors.
What do technical indicators indicate?
Dogwifhat’s 24-hour price chart reveals a period of consolidation. Price movements are confined to a narrow range, indicating a potential accumulation or distribution phase. The technical analysis tool Bollinger Bands shows a balanced sentiment with the upper band at $3.4000 and the lower band at $2.4710. The price, hovering around $2.9355 in the mid-band, further emphasizes this indecision.
However, the compression of the Bollinger Bands also indicates a possible upcoming rise in volatility. A break above the $3.4000 resistance level could signal a bullish trend, while a break below the $2.4710 support level could signal more declines. The Moving Average Convergence Divergence (MACD) indicator paints a mixed picture. While the MACD line shows bearish momentum, the histogram reflects small negative values, indicating weak selling pressure. This discrepancy increases the uncertainty surrounding Dogwifhat’s future price movement.
General sentiment in the market: Bitcoin is rising
Today, top crypto prices rebounded as Bitcoin (BTC) price approached the $67,000 level. Additionally, Ethereum (ETH) price also rose above the $3,100 level. Moreover, other top altcoins such as Solana (SOL), XRP, and Cardano (ADA) also reflected the positive sentiment. Today’s biggest crypto winners:
- Ondo (ONDO): ONDO crypto price traded at $1.03, up 17.06%.
- Gnosis (GNO): Gnosis price increased by 14.43% to $304.50.
- Pendle (PENDLE): Pendle price increased by 14.20% to $4.96.
- Ordi (ORDI): ORDI price increased by 13.70% to $41.86.
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