Dogwifhat (WIF) has dropped by 15.78% over the past week, currently trading around $2.06. Analysts are watching this dip below support, and traders are eyeing the “demand zone” between $1.6 and $1.8 as a potential buying opportunity.
Market Rally and Dogwifhat’s Slowdown
At the end of October, #bitcoin☀️ surged close to its all-time high of $73,000, sparking a strong rally across the cryptocurrency market, especially among meme coins. One of the tokens that gained attention during this rally was Dogwifhat (WIF). However, as November began, this positive momentum started to fade.
Currently, WIF’s price sits around $2.06, a 15.78% drop in the past week. Despite this decline, trading volume remains high, with around $602 million flowing through the token, indicating continued interest among traders.
Analysts Warn of a Potential Further Decline
The crypto community is closely monitoring this price drop. Renowned analyst George highlighted that WIF may face additional downward pressure. According to him, WIF has fallen below its previous support level of $2.15, a movement that often signals further declines. This drop could trigger stop-loss orders, leading to the elimination of weaker buy positions.
Demand Zone as a Potential Buying Opportunity
Traders are now focusing on the so-called “demand zone,” a key area on the charts where buying interest typically resurges. This zone, located between $1.60 and $1.80, could present a major buying opportunity if the price drops to this level. George notes that many traders plan to enter long positions if WIF approaches this zone, expecting a rebound.
Current Price Movement of Dogwifhat
At the time of writing, WIF has slightly recovered to $2.08 after hitting an intraday low of $1.96. However, it remains below the upper line of the Bollinger Bands, indicating potential room for an upward move if WIF can break through these resistance levels.
The MACD indicator also shows signs of a potential bullish momentum, with the current value at -0.089, slightly above the signal line at -0.095. Meanwhile, the Relative Strength Index (#RSI ) suggests that WIF may be oversold, indicating a possible upward reversal if buying pressure increases.
Dogwifhat’s Future and Key Levels to Watch
As Dogwifhat navigates these challenges, traders will be closely watching the support level around the $2 zone, hoping for a recovery as the market continues to evolve.
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