On Tuesday, the market showed a relief from the current selling pressure as Bitcoin showed sustainability above $60,000. The renewed demand pressure triggered a rally in altcoins, especially in the meme coin space. Solana-based memecoin Dogwifhat (WIF) has gained 24% in the past 24 hours, with a higher recovery potential expected. But will it last?

The price of Dogwifhat (WIF) has been in a correction trend for the past three months after breaking through $4.86. The reversal of the bearish trend has brought the asset to a low of $1.47, with an expected loss of nearly 70%.

However, after the broader market correction on Tuesday, the WIF price quickly fell back to $1.9, while its market value also recovered to $1.9. Since meme coins are volatile, they often show dynamic fluctuations when the market suddenly changes. According to data, the market value of memecoin is $46.9 billion, with an intraday increase of 8.5%.

According to data from the on-chain data tracker, a savvy investor bought an additional 938,434 WIFs worth $1.6 million earlier today.

As the recent trend is bearish, a new higher high or reversal pattern needs to form to confirm a sustainable recovery.

The next few days may be sideways for Dogwifhat as the price needs to stabilize above the psychological support level of $1.5.

Technical indicators

EMA: The bearish crossover between the 20-50-100-day exponential moving averages indicates strong selling pressure and a path of least resistance to the downside. Relative Strength Index: The daily RSI slope has retreated from the oversold region to 37%, indicating increased buying pressure from investors seeking discounted value.

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