MEXCDogwifhat (WIF) Price Tanks 10%, End of Bull Party or Healthy Correction?
Highlights
- Dogwifhat seems to have entered partial retracement after hitting fresh highs last week.
- Technical indicators suggest selling pressure to continue on WIF going ahead.
- The attention shifts on another Solana-based meme coin SMOG.
Solana-based meme coin Dogwifhat had a phenomenal rally last month with the WIF price rallying all the way to $4.75 thus becoming the third-largest meme coin by market cap. However, the Dogwifhat price is facing strong selling pressure slipping by more than 10% over the last 24 hours, all the way to $3.53. Since then, it has partially recovered and at press time, it’s trading at $3.9 level.
Dogwifhat Price Faces Selling Pressure In April
The WIF token faces downward pressure, experiencing a 10% correction over the past 24 hours and a 25% decrease since the beginning of the month, reflecting heightened selling activity within the cryptocurrency market. A rounding top pattern observed in the 4-hour timeframe suggests a strong bearish sentiment prevailing for the memecoin.
Additionally, the Simple Moving Average (SMA) indicates a downward trend, indicating a potential price decline for the WIF token in the near future. The Moving Average Convergence Divergence (MACD) indicator presents a continuous red histogram, signaling an increase in selling pressure compared to buying pressure in the crypto space.
Despite the bearish outlook, if the market undergoes a trend reversal, the WIF token may gather momentum and aim to retest its recent high of $4.1975 by the upcoming weekend. Analysts are expecting the WIF price rally to continue till $10 this month in April.
Conversely, if the negative trend persists, the dogwifhat token could descend to test its support level at $3.
Another Solana Meme Coin Ready for Launch
As the bullish sentiment around Dogwifhat cools down a bit, investors in the Solana ecosystem are getting ready for another major meme coin launch. Amidst the rapid growth of meme coins within the burgeoning Solana ecosystem, Smog (SMOG) stands out with its dragon-themed concept and extensive airdrop campaign. The project recently concluded its season one airdrop campaign, distributing a staggering $1 million. Following this milestone, the team behind Smog announced the coin’s first major exchange listing.
.@SMOGToken: Buy and hold $SMOG tokens to gain access to the greatest airdrop Solana has ever seen, is coming to #MEXCKickstarter 🚀
🗳Vote with $MX to share massive airdrops
📈 $SMOG/USDT Trading: 2024-04-04 09:00 (UTC)Details: https://t.co/2hnzMA3fB4 pic.twitter.com/UYKQrN9L4T
— MEXC (@MEXC_Official) April 3, 2024
Traders and investors now have the opportunity to trade SMOG/USDT on MEXC, ranked as the 11th largest cryptocurrency exchange by daily trading volume. The distribution of Smog tokens was determined by the number of Zealy quests completed by each participant. Investors eagerly pursued XP, collectively achieving an impressive 7.5 million quests.
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