Date: Sat, Nov 02, 2024, 07:50 AM GMT
In today’s market, Solana-based memecoins Dogwifhat (WIF) and Popcat (POPCAT) are both seeing losses, continuing a downward trend that’s left investors on edge. Dogwifhat (WIF) has taken a significant hit over the last 15 days, dropping nearly 17%, while today both WIF and POPCAT have marked additional losses exceeding 3%.
Source: Coinmarketcap
Currently, both coins have fallen to key support levels, hinting at a potential reversal or further decline. Let’s dive into the technical analysis to see what might lie ahead for these tokens.
Dogwifhat (WIF)
Current Price: $2.22
Current Support Level: $2.21
Resistance Level: $2.50
$WIF has tested the $2.21 support level, which aligns with a key demand zone, providing some hope for a potential recovery if buyers step in. The Relative Strength Index (RSI) indicates that WIF is near the oversold territory, suggesting that the selling pressure may be waning. Should a reversal occur here, we could see WIF aim for its next resistance at $2.66. However, if the $2.21 support fails to hold, WIF may head toward the next lower support around $1.95, where another bounce could be anticipated.
Popcat (POPCAT)
Current Price: $1.49
Current Support Level: $1.48
Resistance Level: $1.65
Similarly, $POPCAT is hovering just above the $1.48 support level. This area has previously served as a minor foundation for bullish reversal, making it a critical level to watch. The RSI for POPCAT also shows a near-oversold reading, which may attract buyers looking to capitalize on a potential rebound. If buying momentum builds up, POPCAT could target the $1.65 resistance level. On the flip side, a breakdown below $1.48 could lead to a further decline toward the $1.40 mark, where a stronger support is likely to attract buyers and spark a recovery.
What’s Next?
As both memecoins are currently trading near key support levels, they have a fair chance of bouncing back if they can hold their ground here. A recovery from these levels would signal a potential reversal and may attract more buying interest. Conversely, if they breach their support zones, the market may see further declines, testing lower support levels that could provide new entry points for buyers.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
