Amidst huge excitement in Solana meme coin markets, current cycle darling DogWifHat has undertaken a major -15% price correction.
This article will provide an analysis of DogWifHat’s current price trends and look to see whether a newer meme coin, SMOG, represents a more promising investment opportunity at this time.
Binance listed $wif perps at 450mil mcap and at a price of 0.44$. $wif reached a high of 1.9$ and ~1.9bil mcap. (+320%)$Myro announcement comes at ~170mil mcap and at a price of ~0.17$.
Maybe 0.5$+ indeed is realistic “IF” memes continue to show strength and people compare… https://t.co/iIkT4K2mug pic.twitter.com/W5b50l5jav
— Pika (@pikachu_crypto) March 5, 2024
Retracement has attempted to gain a grip on price action, this comes after Binance listed WIF token, sending price skyrocketing as retail investors worldwide flocked to the dramatic rally past the $1 milestone.
WIF Price Analysis: As Price Action Reels From The Huge Jump Up – Is DogWifHat Going to Zero?
As price action reels from the new all-time high, WIF is currently trading at a market price of $1.84 (representing a 24-hour change of +25%).
Yesterday saw a new all-time high posted on the chart, after WIF’s market cap more than doubled following a major Binance listing.
Now in consolidation below topside resistance at $1.93, localized retracement moves appear to have found support above $1.38.
This comes amidst breakaway price action, which has mounted an incredible +457% climb since bouncing off the 20 DMA (remaining at $0.72) on February 25.
If the current consolidation level breaks, a significant divergence between the 20 DMA and WIF price could lead to a major retracement of up to -60%.
Meanwhile, the RSI indicator has shifted to severe bearish divergence, with a strong overbought signal at 84.34.
However, this meets with contrast from the MACD, which remains reflecting bullish momentum at 0.1380.
Overall, WIF price analysis showcases the impressive strength of DogWifHat’s recent rally, but also exposes the vulnerability amid the ongoing retracement move.
To the upside, DogWifHat is targeting a push above the ATH to psychological support at $2 (a potential +8.53%).
Whilst to the downside, DogWifHat could undertake a tumble down to lower support at $1.38 (a possible -25.11%).
Consequently, WIF price analysis suggests a short-time frame risk: reward ratio of 0.34 – a bad entry characterized by outsized retracement risk.
For this reason, smart money investors are shifting their attention to an alternative breakout Solana meme coin – SMOG.
Re-Defining Airdrop Campaigns on Solana: Discover How New SMOG Token Can Unleash Biggest Solana Meme Coin Gains in 2024
In the midst of Solana’s meme coin boom, SMOG stands out—not just as another token, but as your entry to ‘The Dragon’s Court,’ where virality rules.
SMOG Token is launching a viral airdrop campaign on Solana, poised to become a coveted meme coin asset in 2024.
Engage in SMOG’s continuous, interactive airdrop events for a chance to earn multiple tokens and potentially see your investments soar.
Owning SMOG means accumulating airdrop points, with the excitement of unknown rewards and campaign details sparking widespread anticipation.
Enter The Dragon’s Court: Discover Your On-Chain Destiny With Solana
Holding SMOG isn’t just an investment; it’s joining a community aiming to revolutionize virality and airdrop engagement in Solana, driven by a strong desire to profit.
SMOG is poised for an energetic market introduction, dedicating half of its supply to marketing and 35% to future airdrops. It seeks to surpass its predecessors with a solid launch and significant community rewards.
The substantial marketing allocation has sparked a surge in SMOG’s price, pushing its market cap to $75m.
SMOG’s roadmap highlights staking capabilities, potential burn mechanisms, and numerous airdrops, showcasing a future rich in possibilities.
Moreover, the quest to amass over 10,000 ‘Loyal Chosen‘ members offers an exclusive chance to deepen your engagement with SMOG, earning enhanced rewards and solidifying your status within this dynamic community.
Don’t Miss Out On The SMOG Adventure: How To Get Involved With The SMOG Airdrop?
Are you prepared to dive into the SMOG adventure?
Equip yourself with a Solana-compatible wallet, such as Phantom. Exchange SOL, USDT, or BONK for SMOG on Jupiter DEX aggregator or Birdeye.
Boost your journey by joining the community on Zealy. Complete tasks to increase your odds of joining the ‘Loyal Chosen’ and enhance your airdrop rewards.
Join the vibrant SMOG community on X (Twitter), Discord, and Telegram to keep abreast of the latest developments, updates, and strategies.
Explore the Lite Paper for a comprehensive insight into SMOG’s vision and roadmap, and get ready to join a movement poised to revolutionize the crypto landscape.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
