DogWifHat Price Prediction as WIF Plummets 12% Suddenly – Here’s the Next Support to Watch
Popular meme coin DogWifHat (WIF) plummeted 12% in the space of 24 hours to trade at $2.85 at the time of writing.
Broadly speaking, all leading meme coins share the same fate today, with market leaders Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE posting similar losses.
Crypto’s novelty coin sector is bearing the brunt of a broader market downturn that has today shaved 6% from market leader Bitcoin (BTC) which was trading at all-time highs earlier yesterday, but now sells at $68,118.
Nearest contender Ethereum (ETH) also shed 5% overnight and changes hands at $3,711.54.
Crypto has been doing well for most of the year-to-date off the back of hype around 11 spot Bitcoin ETFs the SEC approved for trading on January 10.
The ETFs have been very successful. So far they have collectively netted $12 billion, helping Bitcoin set a new all-time high of $73,737.94 yesterday.
On Tuesday, the ETFs took in $1 billion in inflows, with BlackRock’s accounting for the $848 million bulk of it.
However the release that day of last month’s hot US inflation readings appear to have dampened enthusiasm for riskier assets this weekend.
Over on WIF’s trading chart we can see a gradual rally from the end of February that starts to get volatile around a week into March.
The sudden upward momentum on Tuesday March 12 was very bullish but it fizzled out by Thursday.
Given WIF’s Relative Strength Index (RSI) of about 50, it’s not likely to decline unless Bitcoin does. In any case, WIF will find strong support at $2.
WIF is pure meme stock, which makes it a volatile allocation for any portfolio. Meme coins are highly whimsical in nature and their pricing often exaggerates market trends.
For instance, when Bitcoin was rallying last week, meme coins were rallying
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