Dogwifhat Price Plummets – Is $1.50 the Next Support Level?

The #Dogwifhat price has been experiencing significant bearish pressure, as indicated by the recent movements and technical indicators on the 4-hour chart. Over the last few periods, the closing prices have been showing a downward trend, moving from $1.6483 to $1.6128. This decline is further supported by the position of the 9 EMA and the 20 EMA, which are both trending lower, with the 9 EMA currently at $1.6524 and the 20 EMA at $1.7481. The EMAs' positions suggest continued bearish momentum as the shorter-term EMA remains below the longer-term EMA.

Currently, the MACD indicator also aligns with this bearish sentiment. The MACD line has consistently been below the signal line, with the histogram remaining in negative territory. This  indicates sustained downward momentum. Meanwhile, the latest MACD readings show a slight narrowing of the histogram, suggesting a possible reduction in bearish pressure. However, this is not yet a strong indication of a reversal.

Furthermore, the Relative Strength Index (RSI) has been lingering in the oversold region. It has  recently moved from 28.06 to 32.37. This low RSI level indicates that the asset is currently oversold, which might lead to a short-term corrective bounce. However, the overall bearish trend remains intact unless a significant change in market sentiment occurs.

Given the current technical setup, the Dogwifhat price is likely to face resistance at key levels. The immediate resistance is around $2.123, followed by a stronger resistance at $2.1517. If the price manages to break through these levels, the next significant resistance to watch is at $2.4656. However, given the bearish indicators, a breakout above these levels seems unlikely in the short term.

#WIF $WIF #MemeWatch2024 #Memecoins #altcoins

The full analysis and trade strategy were originally posted on ecoinimist.com.