Over the course of the last week, #DogWifHat (WIF) has seen a loss of 26%, which is among the most significant seven-day losses for a top cryptocurrency at the present time. Currently, it is trading at $2.41, as reported by CoinGecko at the time of this writing.
It is the meme currencies that have been stung the worst by today's minor retreat. Both the market leaders Dogecoin (DOGE) and its perennial competitor Shiba Inu (SHIB) reported losses of around 18% each over the course of seven days.
At this time last week, the price of #Pepe (PEPE), the sole non-canine currency that meets these conditions, was almost twenty percent lower than it is now.
The meme coins, on the other hand, are among the projects that are rebounding at the quickest rate in the present day. Over the last twenty-four hours, WIF has increased by ten percent. During the same time period, DOGE and PEPE both had rises of 13.5% and 12%, respectively.
A few days ago, the freshly authorized Bitcoin exchange-traded funds (ETFs) in the United States had their greatest three-day outflow since their introduction. Although the news does not have an immediate impact on WIF, it does imply that the enthusiasm around the investment products is beginning to die down. This is because earlier this month, the hype helped propel the price of Bitcoin to a new all-time high.
When we look at the trade chart for WIF, we can see that, for a meme currency, WIF was rather consistent throughout the month of February, leading up to the rise that occurred in March. A fortnight into the month of March, price movements remained turbulent, as indicated by the abrupt declines; nonetheless, the token has found firm support near $2 in recent times.
TradingView is the source.
In light of the current performance, it is quite improbable that the price will drop below $2 in the foreseeable future. The Relative Strength Index (RSI) for WIF is now hovering at 47, which is a Goldilocks zone that indicates neither buying nor selling pressure.