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The post <a href="https://coinpedia.org/price-analysis/memecoins-see-blood-bath-as-bitcoin-btc-price-drops-whats-next/">Memecoins See Blood Bath As Bitcoin (BTC) Price Drops! What’s Next?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With the price of <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin </a>recording a correction of approximately 9% in its portfolio within the past 24 hours, the cryptocurrency industry has witnessed a significant correction with top altcoins displaying a similar trend in their respective portfolio. 
Despite the <a href="https://coinpedia.org/price-prediction/dogwifhat-wif-price-prediction/">WIF price</a> losing approximately 13% within the past 24 hours, it has added 34.52% within the past seven days and approximately 644% over the past 30 days, highlighting a strong potential for the memecoin in the coming time. 
Also Read: <a href="https://coinpedia.org/price-analysis/crypto-market-takes-a-hit-as-btc-price-drops-under-68000/">Crypto Market Takes A Hit As Bitcoin Price Drops Below $68,000!</a> 
<h2 class="wp-block-heading" id="h-dogwifhat-price-drops-over-13-amid-market-correction">Dogwifhat Price Drops Over 13% Amid Market Correction!</h2> 
The WIF memecoin traded in a narrow space between $0.2820 and $0.4644 for two weeks, highlighting a weak price action for the coin in the market. As the bulls regained momentum, the dogwifhat price recorded a jump of 422.6% over the next six days. 
After facing rejection at $2, the memecoin displayed a neutral trend by trading in a closed range between $1.50 and $2.00 for the next few days, during which it witnessed significant fluctuation in the chart. The WIF price then jumped 35.06% before facing rejection below $2.50. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/gr2d2y_hKYY4mTq8Vf0n_277TITDngFc6ztJBtiBBeyOOJHXFzWO2fbm_9fj0P9l7R71A-gPYstW0VM7KV4nimZfG95HfnZ7qeAAcOrMEddvUCmWvoEFI6lDEcYuOZ7OHX4XSsI87szNQOsx7VOgmTk" alt="WIF Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: WIF/USDT
 </figcaption>
</figure> 
Following this, the WIF token traded sideways for about a week, indicating a cool-off in the price action. Recently, the bulls regained momentum and recorded a jump of 75%, after which it faced rejection at $3.50. Since then, the price has been displaying a neutral trend. 
The technical indicator, RSI,&nbsp; displays a fall above the overbought range, highlighting a decrease in the buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting a negative price action for the Solana-based memecoin in the upcoming week. 
<h2 class="wp-block-heading" id="h-will-wif-price-rise-back-up">Will WIF Price Rise Back Up?</h2> 
If the market pushes the WIF price above the resistance level of $3.50, the bulls will regain momentum and test its upper resistance level of $4. Moreover, if the memecoin continues to trade under a bullish influence, it will prepare to test a new high of $4.50 in the upcoming time. 
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $2.50. Further, if the bulls fail to regain momentum, it will plunge and prepare to test its lower support level of $2 in the coming time.

Memecoins See Blood Bath As Bitcoin (BTC) Price Drops! What’s Next?

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