Meme cash have been sliding in current weeks. Based on Coingecko, all meme cash’ complete market cap is round $42 billion.
Dogecoin stays essentially the most helpful, 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 improvement that may yank prime altcoins like Solana and meme cash greater, one analyst is bearish on DogWifHat (WIF). Based on Coingecko, WIF is among the prime meme cash on Solana, commanding a market cap of over $1.5 billion and a slot within the prime 5.
Whereas WIF could be up over 98,000% after dropping to all-time lows of $0.00155 in December 2023, the token is down 68% from current all-time highs. WIF costs exploded, driving 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 doubtless dump within the coming classes. Driving this outlook is the state of the chart sample, which factors to weak spot all via. From how the WIFUSDT chart is aligned, the token, the analyst claims, might be the “most bearish of all main meme cash.”
Bulls Have A Probability 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 take into account loading WIF is as soon as it breaks out from the descending wedge, as is clear within the day by day chart.
In abstract, WIF is down practically 50% from July highs. Though costs recovered after the bounce in early August, patrons didn’t construct ample momentum to reverse losses. The fast 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 may increasingly set the momentum for one more leg up that would see the token develop to as excessive as $3–or July highs in a bull bar continuation formation.