The Dogwifhat worth plunged greater than 12% within the final 24 hours to commerce at $1.57 as of 11:42 p.m. EST as traders offload their holdings within the dog-themed meme coin available on the market.

This drop within the WIF worth coincides with a 6% lower within the total meme coin market cap all through the previous buying and selling day. 

The Dogwifhat Value Might Lose One other Key Assist

4-hour chart for WIF/USD (Supply: GeckoTerminal)

The Dogwifhat worth dropped beneath the important thing help degree at $1.6579 in the previous few hours and is now testing the subsequent main mark at $1.4799. Ought to it drop beneath this second level, the meme coin may very well be prone to plunging to as little as $1.3304 within the quick time period.

Nevertheless, WIF reclaiming a place above the $1.6579 mark or rebounding from the $1.4799 help within the subsequent 24 hours may invalidate the bearish thesis. Merchants will possible establish the Dogwifhat worth’s present ranges as a purchase alternative on this various situation. This potential purchase strain may then result in the crypto climbing to the $1.8216 resistance degree.

Bears Preserve A Robust Grip On The Dogwifhat Value

From a technical perspective, bears appear to have a transparent higher hand towards bulls on the 4-hour chart. Each the Relative Energy Index (RSI) and the Transferring Common Convergence Divergence (MACD) indicators present that consumers have a variety of work to do in the event that they want to regain management of the Dogwifhat worth.

Within the final couple of days, the MACD line crossed beneath the MACD Sign line to point that WIF has entered a short-term damaging pattern. After these two technical indicators intersected, the meme coin misplaced the help of the $1.6579 mark, validating the bearish sign. With the hole between the 2 traces nonetheless rising, the bearish momentum appears to be intensifying.

In the meantime, RSI readings have plummeted from 47 to 29. Merchants often see declining RSI values as an indication of diminishing purchaser energy. 

With the RSI now exhibiting that the meme coin is oversold, some merchants may begin to purchase into WIF since its upside potential is bigger than its draw back potential. Nevertheless, merchants will need to look ahead to a affirmation of a bullish pattern reversal earlier than going lengthy on the meme coin, as a result of the RSI tends to stay low when a crypto is being dumped.

Whereas merchants wait to see if WIF can overcome the present promote strain, traders are FOMO shopping for the brand new Doge-themed meme coin PlayDoge (PLAY) earlier than its decentralized trade launch.

90s Gaming Meets twenty first Century Know-how

PlayDoge (PLAY) goals to make a reputation for itself within the burgeoning meme coin area. With the big variety of meme cash getting into the crypto market every day, PLAY might want to do one thing particular to face out from the remaining. That is why the venture is reviving a 90s gaming sensation.

PlayDoge might be introducing a blockchain-based model of the viral Tamagotchi sport. Again within the day, these digital pets had been an enormous hit with tens of tens of millions of models bought worldwide. The meme coin now seeks to reignite and seize the hype across the sport, which may result in the venture’s native PLAY token surging.

Initially, gameplay was pretty restricted. The digital pets would inevitably die, forcing gamers to reboot their programs and begin yet again. PlayDoge, by means of its implementation of blockchain and crypto expertise, will introduce extra partaking gameplay that additionally rewards gamers in crypto for taking care of their digital companions.

Common YouTuber ClayBro is bullish on PlayDoge, and advised his 130,000 subscribers that the meme coin may soar 10X after its launch.

Time Is Working Out For Traders To Get In On PLAY Early

PlayDoge (PLAY) is about to enter the open market with its upcoming decentralized trade launch in lower than 48 hours. As such, time is operating out for traders to amass the token throughout its presale stage earlier than it hits the open market. Traders may also miss out on the 71% APY on supply to anybody who purchases and stakes PLAY earlier than the ICO ends.

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END OF THE PRESALE! 🚨

PlayDoge Declare and DEX Listings are launching on Thursday twenty ninth at 10am UTC! 🚀

Import the token tackle into your pockets now for easy claiming.

That is the final likelihood to purchase at checklist worth. ⏳👇 https://t.co/uspqJZur98 pic.twitter.com/0CaCUQ7fzL

— PlayDoge (@PlayDogeGame) August 26, 2024

It’s not too late, traders who need to acquire entry to the excessive APY can achieve this by buying the token by way of the straightforward purchase widget embedded on the venture’s web site. As soon as bought, the tokens will must be locked up by means of the staking web page. 

Promoting for $0.00532, PLAY may be purchased utilizing both ETH, USDT, BNB or financial institution card.

Buy and stake PLAY right here for the 71% APY earlier than its DEX launch.

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