Meme cash have been sliding in latest weeks. In response to Coingecko, all meme cash’ whole market cap is round $42 billion.
Dogecoin stays probably the most beneficial, with a market cap of over $15.4 billion, adopted by Shiba Inu, which has a market cap of round $8 billion. It has been a turbulent few buying and selling months for meme cash, whose valuation is down from over $65 billion in Q2 204.
WIF Struggling, Is This The “Most Bearish Meme Coin”?
Although Bitcoin is popping the nook, a growth that may yank high altcoins like Solana and meme cash larger, one analyst is bearish on DogWifHat (WIF). In response to Coingecko, WIF is without doubt one of the high meme cash on Solana, commanding a market cap of over $1.5 billion and a slot within the high 5.
Whereas WIF is likely to be up over 98,000% after dropping to all-time lows of $0.00155 in December 2023, the token is down 68% from latest all-time highs. WIF costs exploded, using on Solana growth and the meme coin fever that swept throughout the trade within the first half of the yr.
The analyst now thinks WIF will probably dump within the coming classes. Driving this outlook is the state of the chart sample, which factors to weak spot all by way of. From how the WIFUSDT chart is aligned, the token, the analyst claims, may very well be the “most bearish of all main meme cash.”
Bulls Have A Likelihood If Bitcoin Recovers, DogWifHat Finds Resistance At $2
Whereas there may be optimism that WIF may bounce and profit from the market-wide restoration, the present bearish construction damps optimism. From the analyst’s evaluation, shopping for the meme coin at spot costs is dangerous. The one time merchants can contemplate loading WIF is as soon as it breaks out from the descending wedge, as is clear within the every day chart.
In abstract, WIF is down almost 50% from July highs. Though costs recovered after the bounce in early August, consumers didn’t construct ample momentum to reverse losses. The rapid resistance is $1.99, whereas assist is $1.30.
For the uptrend to take form, WIF bulls should break above $2, ideally with rising buying and selling quantity. In flip, this will set the momentum for one more leg up that might see the token broaden to as excessive as $3–or July highs in a bull bar continuation formation.
