Dogwifhat has fallen over 8% in the last 24 hours. It dropped to a low of $3.31 and is struggling with bearish sentiments.
The latest change dip is a continuation of the decline it experienced during the previous intraday session. It started as a result of strong rejections at $4.07, which resulted in the token plummeting to $3.66 and closing with losses of over 2%.
The asset surged to a high of $3.80 a few hours ago but faced rejections. The current price is due to the selloffs that started at the peak. Nonetheless, the coin is showing small signs of recovery.
Dogwifhat Will Drop Below $3
The asset is seeing a 10% decline in trading over the last 24 hours. Amidst the drop in trading volume, indicators are pointing to a surge in selling pressure. The relative strength index is on the downtrend, dropping from 60 to 55.
The moving average convergence divergence is showing signs of a bearish convergence. The 12-day EMA as stopped its surge in reaction to the most recent downtrend. Nonetheless, the 26-day EMA is on the uptrend and will intercept its counterpart.
If this happens, the memecoin will experience further decline. The most recent dip sees it edging to retest the pivot point at $3. Although there is considerable demand concentration at this mark, previous price movement hints at a further dip to $2.80.
In other news, BONK continues its decline with an over 6% drop. The latest dip marks the second day of losses for the asset after a failed attempt at $0.000044.
During the previous intraday session, the cryptocurrency retraced from the peak to $0.000035, losing the first pivot resistance. The latest decline saw it edge closer to testing its pivot point. If the downtrend continues, it will test the mark.
Nonetheless, the relative strength index is on the downtrend after surging above 70 a few days ago. The most recent dip is needed correction, it remains to be seen when it will stop.
