Dogwifhat (WIF) Faces Bearish Outlook Amid Consolidation Phase

Dogwifhat (WIF), a Solana-based memecoin, is expected to remain bearish in the coming weeks due to its current consolidation phase. Traders predict that WIF will trade within a narrow range of $1.40 to $2.20, limiting its potential for upward momentum. The market sentiment around the coin points to slow growth, with no signs of a breakout shortly.
 

In my opinion, DOGGO TOKEN might not be getting the same attention as Pepe, Shiba, and Dogwifat because of the oversupply of tokens and the competitive nature of the NFT space on Solana. It’s all about hype and community support, which DOGGO TOKEN might still need to build up.

— Jenny (@010jennyg15) July 15, 2024

The lack of significant catalysts and limited demand for the token are key reasons behind its expected stagnation. As a result, traders are cautious about WIF reaching new all-time highs anytime soon. Market analysts suggest that unless there’s a major shift in investor interest or development within the ecosystem, WIF’s price will likely remain subdued. 

Key dogwifhat Levels To Watch – October 1

The WIFUSD pair is currently approaching a resistance zone of around $2.930. A bearish divergence near the overbought RSI (69.51) suggests a potential reversal.
 
The next key support is around $2.030, with a likely drop towards $1.080 if momentum weakens. Further downside could push the price to the $0.480 region if sellers maintain control.

WIFUSD Key Levels

Resistance Levels: $2.930, $3.360, $4.070 
Support Levels: $2.030, $1.080, $0.480

WIFUSD Metrics

Total Market Capitalization: $2.19T 
dogwifhat Market Capitalization: $2.78B
dogwifhat Volume: $761.79M
Market Rank: #33

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