The post <a href="https://coinpedia.org/price-analysis/wif-price-crashes-10-a-retest-teases-a-jump-to-5/" rel="noopener noreferrer nofollow">WIF Price Crashes 10%, A Retest Teases A Jump To $5</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
As the market slumps in the mid-week, the altcoins, especially the meme coins, experience a sharp increase in supply. Amidst the meme coins, the WIF price reverts drastically, threatening the prevailing uptrend.&nbsp;
Will the meme coins sector make a comeback this month? Will the Dogwifhat price make a post-retest jump to surpass the $5 peak in May? Check out our <a href="https://coinpedia.org/price-prediction/dogwifhat-wif-price-prediction/" rel="noopener noreferrer nofollow">WIF price prediction </a>for a long-term perspective on this new and trending coin.
<h2 class="wp-block-heading" id="h-dogwifhat-price-performance-nbsp">Dogwifhat Price Performance&nbsp;</h2>
With a bullish failure to surpass the high supply resistance level of $3.35, the meme coin suffers a 10% drop in market value. With the crash, the WIF price loses the $3 mark and heads lower for the next support.&nbsp;
However, the 18% drop in trading volume reflects the bullish exhaustion leading to additional supply.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/zWyFSBCmnE_vReptK3W78Gp82vmtDMMElXc5IQb-r-5SaOBXMN209XZ435lR1S4gbFgbTN2a4mJguTPlnkmN4RvYeoDiwX240iUgSpe-zrbl1Ro_0qQJjtaOtrSsuxT-sMTg_ryxobd312kjaR9H5sE" alt="">
</figure>
<a href="https://www.tradingview.com/x/hFcADA1e/" rel="noopener noreferrer nofollow">Tradingview</a>
The downfall in WIF price retests the broken resistance trendline of the triangle pattern. With this, the sideline traders anticipate a post-retest jump in the meme coin to prolong the prevailing uptrend.&nbsp;
Currently, the meme coin trades at $2.87 with an intraday drop of 4.17%, reflecting an increment in the bearish momentum. As the bearish candle streak continues, the chances of a bullish comeback are getting slimmer.&nbsp;
Technical indicators:
MACD: The MACD and signal lines are struggling to rise into the positive territory. Further, a bearish crossover looming over the average lines reflects an increase in supply.&nbsp;
 RSI: The daily RSI slope trends sideways after rising close to the overbought zone.&nbsp;
<h2 class="wp-block-heading" id="h-will-wif-price-make-a-comeback">Will WIF Price Make A Comeback?</h2>
As the meme coin struggles to overcome the recent spike in supply pressure, the reversal chances are slim. The WIF price action projects a post-retest reversal possibility from the broken resistance trendline. However, the intraday drop of 4% warns of a downtrend continuation.&nbsp;
In case of a reversal, the WIF price could reach the $5 mark this month. Conversely, a drop under $2.75 will test the $2 psychological mark.&nbsp;

WIF Price Crashes 10%, A Retest Teases A Jump To $5

Table of Contents

CoinPedia News

Other articles published on May 8, 2024

Revolut’s Partnership with BLAST for Esports Spring Final

Bitfinex Pay and Awepay for Enterprise Payments Collaboration

🚀✨ HODL WEEKLY ROUNDUP: APR 22 - MAY 5, 2024 ✨🚀

Popcat’s Price Takes a 13% Dive: Insights Within

Polkadot Faces Key Resistance Levels in the Crypto Market

Bitcoin podcaster secretly records Coinbase scammer’s confession

Join our free newsletter for daily crypto updates!