The Dogwifhat price dropped 13% in the last 24 hours to trader at $1.78 as of 4.30 a.m. EST on trading volume that skyrocketed 95% to almost $600 million.
WIF is the fourth-largest meme coin by market cap, and over the past few weeks it was one of the top performers among the largest meme coins. But amid today’s meme coin crash, it is one of the biggest losers among the largest 100 meme coins by market capitalization.
Typically, however, coins and tokens that suffer such major drops so quickly tend to bounce back even more strongly once the market allows it. With that being the case, some in the trading community likely see this as an opportunity to buy the dip.
Dogwifhat Price Prediction
The Dogwifhat price has seen a considerable drop, and its performance over the last few hours suggests that it may have found a bottom at $1.75. However, according to its technical indicators, there is still a possibility that this support might break and that the price will continue to spiral down.
The project’s Bollinger bands have recently seen another strong narrowing, with the price sticking close to the lower band, pushing it further down. This is a strongly bearish signal, which suggests that the support might not hold out for long.
Another commonly used signal among traders is the Relative Strength Index (RSI), which shows whether traders are buying or selling, and right now, WIF’s RSI value is dropping toward the oversold zone.
WIF actually reached the oversold zone earlier today, only to surge back up to the neutral area. Now, however, it is spiraling back down, as traders continue to sell, and in doing so, drive the price down. This suggests that WIF is likely to retest the support at $1.75 instead of trying to breach the resistance at $1.80.
In other words, the current bearish wave seems to be far from over, and additional losses might be expected. Alternatively, if the market sees a turn for the better, WIF will have several major supports, now turned into resistances, to go through, including $1.80, $2, and $2.20. However, without a strong catalyst, such a development is currently unlikely in the short term.
Promising Alternative To WIF
While the technical indicators suggest that the WIF price is likely to see a further drop, that doesn’t mean that investors are out of lucrative opportunities.
With the meme coins currently seeing a price drop, many have turned to investing in cryptocurrencies that are still in presale. One example is Base Dawgz (DAWGZ), which holds major potential due to its multi-chain capabilites.
As the name suggests, Base Dawgz was created on the Base blockchain. But the token will launch and run on five of the industry’s largest blockchains once its ICO is completed.
Apart from its native Base, DAWGZ will also go live simultaneously on Ethereum, Binance Smart Chain, Avalanche, and Solana. It will have access to their busiest DEXes, DeFi protocols, and pretty much everything else they have to offer.
And, thanks to its use of Wormhole and Portal Bridge technologies, Base Dawgz will also allow users to seamlessly transfer funds between chains without having to use stablecoins, wrapped tokens, or buy some other local currency when they wish to switch from one chain to the other.
Congrats $DAWGZ
We reached $2.3 million raised! Let's keep pushing to 2.5! pic.twitter.com/uoAr2OMTGo
— Base Dawgz (@BaseDawgz) July 2, 2024
These are all key reasons why the project’s ICO has skyrocketed to more than $2.35 million in funds raised in its ICO. It’s also a key reason why YouTuber TodayTrader speculated that DAWGZ could 20x after launch.
DAWGZ tokens are selling for $0.00581 each. Buy now if you are attracted to the project before a price hike in less than 5 days.
Buy DAWGZ tokesn on the official website here.
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