Memecoins See Blood Bath As Bitcoin (BTC) Price Drops! What’s Next?

The post Memecoins See Blood Bath As Bitcoin (BTC) Price Drops! What’s Next? appeared first on Coinpedia Fintech News

With the price of Bitcoin recording a correction of approximately 9% in its portfolio within the past 24 hours, the cryptocurrency industry has witnessed a significant correction with top altcoins displaying a similar trend in their respective portfolio.

Despite the WIF price losing approximately 13% within the past 24 hours, it has added 34.52% within the past seven days and approximately 644% over the past 30 days, highlighting a strong potential for the memecoin in the coming time.

Dogwifhat Price Drops Over 13% Amid Market Correction!

The WIF memecoin traded in a narrow space between $0.2820 and $0.4644 for two weeks, highlighting a weak price action for the coin in the market. As the bulls regained momentum, the dogwifhat price recorded a jump of 422.6% over the next six days.

After facing rejection at $2, the memecoin displayed a neutral trend by trading in a closed range between $1.50 and $2.00 for the next few days, during which it witnessed significant fluctuation in the chart. The WIF price then jumped 35.06% before facing rejection below $2.50.

Following this, the WIF token traded sideways for about a week, indicating a cool-off in the price action. Recently, the bulls regained momentum and recorded a jump of 75%, after which it faced rejection at $3.50. Since then, the price has been displaying a neutral trend.

The technical indicator, RSI,  displays a fall above the overbought range, highlighting a decrease in the buying and selling pressure in the market. Further, the averages show a bearish convergence, suggesting a negative price action for the Solana-based memecoin in the upcoming week.

Will WIF Price Rise Back Up?

If the market pushes the WIF price above the resistance level of $3.50, the bulls will regain momentum and test its upper resistance level of $4. Moreover, if the memecoin continues to trade under a bullish influence, it will prepare to test a new high of $4.50 in the upcoming time.

Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $2.50. Further, if the bulls fail to regain momentum, it will plunge and prepare to test its lower support level of $2 in the coming time.