The Dogwifhat price plummeted 20% in the last 24 hours to trade at $1.22 as of 03:48 a.m. EST on trading volume that surged 120% to $1.2 billion.
This comes as the meme coin sector takes a beating amid the financial markets flash crash, tumbling 17% to hit a market capitalization of $32 billion.
Dogwifhat Price Bearish, But Can The Bulls Stage A Trend Reversal?
The Dogwifhat price rallied from July 12 to July 24 through a markup phase to as high as $2.87 before going through a correction back to the neckline at $1.5 and dropping further thereafter, according to data from GeckoTerminal .
The bearish sentiment has been supported by WIF dropping below both the 50-day and 200-day Simple Moving Averages (SMAs).
Moreover, the Relative Strength Index (RSI) is also dropping and trading below the 30-oversold level at 17, which shows that the asset is under intense selling pressure.
With the RSI showing that the price of Dogwifhat is undervalued, the bulls could stage a trend reversal by buying the token. In this scenario, the WIF price could rally back to $2.0 (50-day SMA).
However, WIF could plunge further to the $0.50 support if the selling pressure intensifies. The 50-day SMA is now crossing below the 200-day SMA, which forms a death cross at $2.09, which could push the bears to sell more.
Dogwifhat Price Chart Analysis Source: GeckoTerminal.com
Meanwhile, as the Pepe price plunges and bulls search for more buying signals, investors are rushing to buy another meme token, PlayDoge (PLAY) . According to prominent YouTuber Jacob Bury, the project has the potential to produce a 10X return on investment after launch.
PlayDoge ICO Zooms Past $5.9 Million – Best Alternative To Buy Now?
PlayDoge , a play-to-earn (P2E) meme coin, is off to a rocking start, bursting past $5.9 million in its presale.
The project stands combines two hot crypto themes: meme coins and gaming. PlayDoge combines the iconic Doge meme with the beloved Tamagotchi game from the 90s, creating a fun virtual gaming experience where players play to earn the game’s native token, $PLAY.
With the P2E mechanics employed by the project, players will be able to earn rewards by caring for their pets and taking them on adventurous journeys.
Apart from the P2E rewards, token holders can also earn passively by staking $PLAY for 79% in annual rewards.
You can buy $PLAY tokens for $0.00526 each. With a price hike also coming in less than two days, don’t wait around too long if you want to lock in the best deal.
To join the presale, buy $PLAY from the official website here using BNB, USDT, or a bank card.
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