WIF Struggles, Is It The ‘Most Pessimistic Memecoin’?
Despite signs of a turnaround in Bitcoin, which could drive gains for top altcoins and memecoins like Solana, one analyst is bearish on DogWifHat (WIF). WIF is one of the most popular memecoins on Solana, with a market cap of over $1.5 billion, ranking in the top five, according to Coingecko.
While WIF has gained more than 98,000% since hitting an all-time low of $0.00155 in December 2023, it is still down 68% from its recent all-time high. The gains were driven by Solana’s expansion and the memecoin craze in the first half of the year.
However, analysts are now predicting that WIF could fall sharply in the coming trading sessions. The reason is that chart patterns show that this trend has been weak. Based on the analysis of the WIFUSDT chart, analysts believe that WIF may be the most pessimistic of all the major memecoins.
Bulls will have a chance if Bitcoin rebounds, DogWifHat encounters resistance at $2
While there is optimism that WIF could bounce back and benefit from the market recovery, the current bearish structure discounts the optimism. Analysts say that buying the meme coin directly at spot prices is risky at the moment. The only buying opportunity worth considering is when WIF breaks out of a descending wedge pattern, which is evident on the daily chart.
To summarize, WIF has fallen nearly 50% from its July high. While the price has recovered in early August, buyers have not yet developed enough momentum to reverse these losses. The current immediate resistance level is $1.99, while support is at $1.30.
