thenewscrypto.com
- Dogwifhat (WIF) has dropped by 15.78% over the week, now trading around $2.06.
- Analysts see a sweep of lows in Dogwifhat as it falls below support, with traders watching a demand zone at $1.6 to $1.8 for buying opportunities.
At the end of October, Bitcoin soared near its all-time peak of $73K and sparked a strong rally across the crypto market, particularly in the meme coin sector. Among the tokens drawing attention was Dogwifhat (WIF), but as November kicked off, the upbeat momentum began to wane.
Currently, Dogwifhat’s price is hovering around $2.06, marking a 15.78% decline over the past week. Despite this dip, trading volume remains high, with approximately $602 million flowing through the token, indicating sustained interest from traders.
This downturn hasn’t gone unnoticed by the crypto community. Well-known analyst George has weighed in, suggesting that the memecoin may continue to face headwinds. He points to a recent technical analysis where WIF dropped below its previous support level of $2.15, a movement often referred to as “sweeping lows.” This drop can trigger stop-loss orders, leading to further declines as weaker buying positions are eliminated.
Traders are now focusing on a “demand zone,” a critical area on the charts where buying interest typically resurfaces. This zone, ranging from $1.60 to $1.80, could present a prime buying opportunity if the price dips into this range. George says traders plan to enter a long position if WIF approaches this zone, anticipating a bounce back.
Current Price Movement of Dogwifhat
At the time of writing, WIF has slightly rebounded to $2.08 after hitting an intraday low of $1.96. However, it remains below the Bollinger Bands’ upper line, indicating potential room for upward movement if it can break through these resistance levels.
The MACD indicator is also showing signs of potential bullish momentum, with the current value at -0.089, just above the signal line at -0.095. Meanwhile, the Relative Strength Index (RSI) suggests that WIF may be oversold, hinting that a reversal could be on the horizon if buying pressure begins to build.
As Dogwifhat navigates these challenges, traders will be keeping a close watch on critical support levels around the $2 zone, with the hope of a rebound as the market continues to evolve.