Ahead of the Christmas holidays, investors are taking profit, leading to bearish sentiments in the crypto market. The market cap has plunged to $3.51 trillion, with the meme coin Dogwifhat (WIF) also experiencing a decline.
Current Movements in the Dogwifhat Market
Dogwifhat (WIF) has shown a steady decline of over 13% in the last 24 hours, falling back to previous support zones. Currently, WIF trades at $2.27, with its market cap reaching $2.27 billion. The daily trading volume has surged over 74% to approximately $968 million. Despite increased trading activity, the meme coin has lost over 27.90% in the past seven days.
Technical Analysis: Bearish Signs
The technical indicators have shown active downward pressure. Both the MACD line and signal line are positioned below the zero line, indicating a bearish trend. The CMF is at -0.20, suggesting negative capital flow. The RSI is positioned at 24.90, indicating the meme coin is oversold, which might attract some buyers.
Future of Dogwifhat: Possible Scenarios
The four-hour price pattern of Dogwifhat indicates a strong bear hold. If it fails to surpass $2.33, the downtrend may continue to test the support at $2.24 and even lower. However, if the bearish trend reverses, WIF may rise to challenge the resistance at $2.36 and further to $2.50 and possibly $3.
Dogwifhat is under pressure, and the coming days could be decisive for its future. Investors should consider current market conditions and technical indicators before making decisions.
