Convergence

bullish

Divergence

Dogwifhat (WIF) price, a Solana-based meme coin, has recently seen a decline, signaling a bearish trend. The price of WIF is dipping amidst market turbulence, with both bulls and bears struggling to establish control. This reflects broader instability among meme cryptocurrencies.
<h2 id="strong-dogwifhat-price-dips-as-open-interest-declines-strong">Dogwifhat Price Dips as Open Interest Declines</h2>
According to <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/WIF">Coinglass</a> data, the trading volume and open interest in the WIF derivatives market have significantly declined. Trading volume has plunged 42% to $833 million, accompanied by a 6% decrease in open interest, now at $202 million. This slump highlights a weakening momentum among traders, potentially signaling a bearish trend in the market.
<figure id="attachment_213446" aria-describedby="caption-attachment-213446" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213446" src="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-18.png" alt="Dogwifhat Price Analysis: Is Still $10 Feasible After a 40% Monthly Drop?" width="1352" height="316" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-18.png 1352w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-18-300x70.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-18-1224x286.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-18-768x180.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-18-150x35.png 150w" sizes="(max-width: 1352px) 100vw, 1352px">
 <figcaption id="caption-attachment-213446" class="wp-caption-text">
 Source- Coinglass
 </figcaption>
</figure>
Ove the past 24-hours, Dogwifhat price has exhibited volatility, hovering between a high of $1.57 and a low of $1.47. As of the time of writing, the <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/dogwifhat/">WIF price </a>hovered at $1.53, with a slight increase of 0.42% during the U.S. trading hours.
<h2 id="strong-wif-price-analysis-rebound-or-continued-decline-strong">WIF Price Analysis: Rebound or Continued Decline?</h2>
Over the past month, the <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coin</a> has decreased by 40%, indicating a bearish trend. Additionally, the WIF price has experienced a 4% decrease over the past week following market corrections, suggesting continued volatility in this asset.&nbsp;
Dogwifhat price may decrease further, reaching a support level of $1.45. Increased selling activity could push its price down to roughly $1.3. This would reflect growing negative sentiment in the <a href="https://coingape.com/markets/will-crypto-markets-crash-ahead-of-nonfarm-payrolls-revision/" rel="noopener noreferrer nofollow">crypto market</a>. If the downward trend continues, the meme coin might fall to $1.25.
The&nbsp; Relative Strength Index (RSI) currently stands at 54, suggesting a relatively balanced market condition with no immediate signs of overbought or oversold levels.&nbsp;
The Moving Average Convergence Divergence (MACD) supports this outlook with a positive histogram, showing increasing market momentum. The MACD line is above the signal line, which shows a bullish signal.
<figure id="attachment_213447" aria-describedby="caption-attachment-213447" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213447" src="https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-21_21-27-04.png" alt="Dogwifhat Price Analysis: Is Still $10 Feasible After a 40% Monthly Drop?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-21_21-27-04.png 1154w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-21_21-27-04-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-21_21-27-04-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/08/WIFUSDT_2024-08-21_21-27-04-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-213447" class="wp-caption-text">
 Dogwifhat Price Chart| Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/KuPI82Dv/">TradingView</a>
 </figcaption>
</figure>
On the other hand, if bullish momentum returns, Dogwifhat price could break past the $1.65 resistance level. Overcoming this barrier might push its valuation to a new peak of $3. Further gains could eventually take the price as high as $5.
The post <a href="https://coingape.com/markets/dogwifhat-price-analysis-is-still-10-feasible-after-a-40-monthly-drop/" rel="noopener noreferrer nofollow">Dogwifhat Price Analysis: Is Still $10 Feasible After a 40% Monthly Drop?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogwifhat Price Analysis: Is Still $10 Feasible After a 40% Monthly Drop?

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