WIF Memecoin Bearish Trend Intensifies!

The dogwifhat price has plunged 14.77% within the past 24 hours with a jump of 39.31% in its trading volume. Furthermore, the memecoin has cut 37.46% within the past seven days and 44.50% over the past month.

The cryptocurrency market has experienced a bearish trend over the past 24 hours, leading to a price correction for several altcoins. Among these, Solana (SOL)-based memecoins have recorded significant losses.

The dogwifhat (WIF) price has undergone a 14.77% decrease in value with a 39.31% jump in its trading volume. This price drop follows a 37.46% loss in the past seven days and a 44.50% decrease over the past 30 days. The WIF token has notably plunged over 68% from its ATH.

Chart: TradingView / CoinMarketCap

The WIF coin price has formed a descending channel pattern, indicating a weak price action for the memecoin in the cryptocurrency space.

The simple moving average (SMA) line has acted as a resistance to the price chart in the 1D time frame. The Relative Strength Index (RSI) has plunged into the oversold range, indicating an increase in selling pressure for the WIF price in the crypto space.

Moreover, the average trendline shows a continuous decline, suggesting a negative outlook for the Solana-based memecoin in the market.

If the crypto market records a bullish reversal, the dogwifhat price will regain momentum and prepare to test its resistance level of $2.10. On the other hand, if the bears continue to dominate, the WIF crypto will plunge toward its important support level of $1.240 in the coming time.

Pepe Coin Price On The Verge Of A Major Breakdown?

The Pepe coin price has recorded a correction of around 13% in its portfolio over the past two days, forming a triangle pattern in its 1D time frame. The memecoin has been trading under a bearish sentiment since the month began, indicating a bear power in the market.

The Pepe price has lost 14.77% in valuation within the past 24 hours with a change of +51.29% in its trading volume. Moreover, it has plunged 11.23% within the past seven days and 31.57% over the last 30 days, indicating a long-term bearish sentiment in the crypto space.

Chart: TradingView / CoinMarketCap

The technical indicator, moving average convergence divergence (MACD), displays a constant red histogram, highlighting a weak bullish sentiment for the PEPE memecoin in the crypto space. Furthermore, the averages show a continuous downtrend, suggesting the Pepe price will continue losing value this week.

If the market pushes the price of the Pepe token above the resistance level of $0.00001150, the bulls will prepare for a breakout and head toward its upper resistance level of $0.00001410. However, if the bears continue to gain control, the memecoin will plunge toward its support of $0.00000880.