As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends. The recent slide in meme coins, including Dogecoin and Shiba Inu, is not entirely surprising given their meteoric rise and subsequent correction.
In the past few weeks, the value of meme coins has been decreasing noticeably. As per data from CoinGecko, the combined market capitalization of all meme coins currently stands at approximately $42 billion.
Dogecoin currently holds the highest value among meme coins, boasting a market capitalization exceeding $15.4 billion. In second place comes Shiba Inu, sporting a market cap approximately $8 billion. The past few months have been marked by volatility for these digital currencies, as their combined valuation has dropped significantly from over $65 billion in the second quarter of 204.
WIF Struggling, Is This The “Most Bearish Meme Coin”?
Despite Bitcoin‘s recent positive turn, which might boost altcoins such as Solana and meme coins, one expert remains pessimistic about DogWifHat (WIF). As per CoinGecko, WIF is among the leading meme coins on Solana, with a market capitalization exceeding $1.5 billion and a place in the top 5.
Despite soaring more than 98,000% since hitting an all-time low of $0.00155 in December 2023, WIF has experienced a 68% drop from its most recent peak prices. The value of WIF skyrocketed due to the growth of Solana and the meme coin craze that swept through the crypto market during the first half of the year.
Based on current analysis, it’s expected that the popular meme coin WIF may decline in the upcoming trading sessions. This projection is influenced by the pattern observed on the chart, which indicates persistent weakness across the board. In terms of comparison among major meme coins, the analyst suggests that WIFUSDT could be the most bearish at this time.
Bulls Have A Chance If Bitcoin Recovers, DogWifHat Finds Resistance At $2
Although there’s hope that WIF may rebound due to a broader market recovery, its current downward trend tempers optimism. According to the analyst’s evaluation, purchasing the meme coin at its current price level involves a significant risk. Traders should only consider buying WIF once it breaks free from the descending wedge, as shown in the daily chart.
To put it simply, the price of WIF has dropped around 50% from its peak in July. After a brief rebound in early August, there wasn’t enough buying pressure to counteract the losses. Right now, the nearest resistance level is at $1.99, while a supportive floor can be found at $1.30.
As a researcher studying the WIF token, I am optimistic about an upward trend if we manage to surpass the resistance level at $2 with increased trading volume. This potential breakthrough could establish momentum for further growth, potentially pushing the price up to as high as $3 or even reaching our July highs, given a bullish continuation pattern in a bar formation.
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2024-09-13 22:16