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Dogwifhat Declines Again-But ATH Still Within Reach

Meme coin Dogwifhat (WIF) price fell by 5.95% on Tuesday to trade at $3.95 at 12.15 UTC.  The move saw it lose more than half of its 11.6% gains realized on Monday,  as investors sold some of their holdings to cash in on their profit positions. WIF had gained 28.48% in the previous three days, giving some investors an incentive to sell after the previous five sessions of decline that saw it lose nearly 35% of its value.

WIF is currently about 18.5% below its all-time high price of $4.971 set ten days ago, and many of its investors remain optimistic that it could retrace (and possibly surpass) the ATH as the Bitcoin halving hype builds up. The meme coin has been on the rise since late February, and this has built up quite a following among its loyal fanbase.  As of this writing, Dogwifhat has registered a trading volume worth $547 million. Furthermore, with a market capitalization of $3.9 billion, the token is currently the 33rd most-valuable, according to Coinmarketcap.  This is certainly an impressive performance for a meme coin.

Notably, WIF’s performance since February is closely tied to the performance of crypto bellwether, Bitcoin. Therefore, the token’s holders should keep an eye on BTCUSD in the run-in to the halving. Having said that, WIF is comparatively more volatile than Bitcoin. For instance, in the two weeks between March 17th and March 31, it registered 3 daily double-digit gains of over 20% and two double-digit declines of over 10%.

Technical analysis

The momentum on the Dogwifhat market currently signals control by the sellers. Furthermore, the downside will prevail if resistance remains at the 4.09 pivot mark. That could see the support at 3.90 broken in extension, and possibly see further decline to test 3.69. Alternatively, a return to action above 4.09 will favour control by the buyers. However, they will encounter resistance at 4.31, but a break above that level could see movement to test 4.50 in extension.