On Thursday, while other major cryptocurrencies crept upward, the price of Dogwifhat (WIF) coins remained muted, trading little changed at the $1.5450 level.
The price of WIF has increased by 2.5% during the last week, according to CoinMarketCap.
However, chart research suggests that the top Solana meme currency might be facing some challenges.
The price of the dogwifhat coin has rejected three attempts to retest its 50DMA in the last thirty days.
Trouble Ahead for Dogwifhat Coin?
In addition, dogwifhat is still following a longer-term downward trend channel, which is leading to these rejections.
Dogwifhat coin values are expected to drop in the future months, according to chart analysis.
The sub-$1.07 lows from August are likely to be retested.
In Comparison to Dogwifhat Coin, Is This New Meme Coin a Better Investment?
The short-term trajectory of Dogwifhat coin can be downward. Adding to the negative pressure is the possibility that the US economy is poised to enter a recession.
The downward volatility can be amplified by an uncertain US election.
However, the Federal Reserve is set to begin a cycle of rate cuts, which may lead to a resurgence of interest in taking risks.
In this kind of setting, meme coins might end up doing better than most.
Dogwifhat coin, being one of the most prominent Solana meme currencies, has a decent shot at making a remarkable comeback.
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