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The Dogwifhat price plunged more than 12% in the last 24 hours to trade at $1.57 as of 11:42 p.m. EST as investors offload their holdings in the dog-themed meme coin on the market.
This drop in the WIF price coincides with a 6% decrease in the overall meme coin market cap throughout the past trading day.
The Dogwifhat Price Could Lose Another Key Support
4-hour chart for WIF/USD (Source: GeckoTerminal)
The Dogwifhat price dropped below the key support level at $1.6579 in the last few hours and is now testing the next major mark at $1.4799. Should it drop below this second point, the meme coin could be at risk of plunging to as low as $1.3304 in the short term.
However, WIF reclaiming a position above the $1.6579 mark or rebounding from the $1.4799 support in the next 24 hours might invalidate the bearish thesis. Traders will likely identify the Dogwifhat price’s current levels as a buy opportunity in this alternative scenario. This potential buy pressure could then lead to the crypto climbing to the $1.8216 resistance level.
Bears Maintain A Strong Grip On The Dogwifhat Price
From a technical perspective, bears seem to have a clear upper hand against bulls on the 4-hour chart. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators show that buyers have a lot of work to do if they would like to regain control of the Dogwifhat price.
In the last couple of days, the MACD line crossed below the MACD Signal line to indicate that WIF has entered a short-term negative trend. After these two technical indicators intersected, the meme coin lost the support of the $1.6579 mark, validating the bearish signal. With the gap between the two lines still growing, the bearish momentum seems to be intensifying.
Meanwhile, RSI readings have plummeted from 47 to 29. Traders usually see declining RSI values as a sign of diminishing buyer strength.
With the RSI now showing that the meme coin is oversold, some traders could start to buy into WIF since its upside potential is greater than its downside potential. However, traders will want to wait for a confirmation of a bullish trend reversal before going long on the meme coin, because the RSI tends to remain low when a crypto is being dumped.
While traders wait to see if WIF can overcome the current sell pressure, investors are FOMO buying the new Doge-themed meme coin PlayDoge (PLAY) before its decentralized exchange launch.
90s Gaming Meets 21st Century Technology
PlayDoge (PLAY) aims to make a name for itself in the burgeoning meme coin space. With the large number of meme coins entering the crypto market on a daily basis, PLAY will need to do something special to stand out from the rest. This is why the project is reviving a 90s gaming sensation.
PlayDoge will be introducing a blockchain-based version of the viral Tamagotchi game. Back in the day, these virtual pets were a massive hit with tens of millions of units sold worldwide. The meme coin now seeks to reignite and capture the hype around the game, which could lead to the project’s native PLAY token surging.
Initially, gameplay was fairly limited. The virtual pets would inevitably die, forcing players to reboot their systems and start all over again. PlayDoge, through its implementation of blockchain and crypto technology, will introduce more engaging gameplay that also rewards players in crypto for looking after their digital companions.
Popular YouTuber ClayBro is bullish on PlayDoge, and told his 130,000 subscribers that the meme coin could soar 10X after its launch.
Time Is Running Out For Investors To Get In On PLAY Early
PlayDoge (PLAY) is about to enter the open market with its upcoming decentralized exchange launch in less than 48 hours. As such, time is running out for investors to acquire the token during its presale stage before it hits the open market. Investors might also miss out on the 71% APY on offer to anyone who purchases and stakes PLAY before the ICO ends.
END OF THE PRESALE! 🚨
PlayDoge Claim and DEX Listings are launching on Thursday 29th at 10am UTC! 🚀
Import the token address into your wallet now for smooth claiming.
This is the very last chance to buy at list price. ⏳👇 https://t.co/uspqJZur98 pic.twitter.com/0CaCUQ7fzL
— PlayDoge (@PlayDogeGame) August 26, 2024
It’s not too late, investors who want to gain access to the high APY can do so by acquiring the token via the simple buy widget embedded on the project’s website. Once purchased, the tokens will need to be locked up through the staking page.
Selling for $0.00532, PLAY can be bought using either ETH, USDT, BNB or bank card.
Purchase and stake PLAY here for the 71% APY before its DEX launch.
Related Articles:
PlayDoge (PLAY) – Newest Launch On BNB Chain
- 2D Virtual Doge Pet
- Play To Earn Meme Coin Fusion
- Staking & In-Game Token Rewards
- SolidProof Audited – playdoge.io
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