Dogwifhat started one of its biggest declines on Tuesday, dipping to a low of $0.75 from $0.86. It ended the day with losses exceeding 7% but shows signs of recovery at the time of writing.
Nonetheless, selling pressure remains notably high amid the bulls’ attempt at buyback. WIF experienced massive selloffs during the previous intraday sessions as several bearish fundamentals played out. One such was the suspension of the X accounts belonging to Pump.fun and its founder. The ban extended to other memecoin accounts.
Solana experienced significant retracement during the previous intraday session, dropping to a low of $145. Pump.fun recent transfer of over 3.80 million SOL to Kraken worsened the selling pressure. As a result, other assets in the ecosystem saw notable selling pressure.
WIF is on the verge of reclaiming lost levels as the bulls staged buybacks. Data from CoinMarketCap reveals that the coin is seeing an over 10% increase in buying volume.
Dogwifhat prints a doji at the time of writing, indicating that it is experiencing equal buying pressure from the bears and buyers. Nonetheless, it edges closer to surging above $0.80.
Dogwifhat Eyes $0.92
Recent price actions over the last two weeks saw the memecoin hold onto the $0.78 support. It rebounded off the mark on several occasions. However, it lost the mark on Tuesday and has yet to reclaim it.
WIF is likely to retest $0.85 after breaking the highlighted level. Nonetheless, the PPS points to a possible retest of another critical level: $0.92. The altcoin will attempt its pivot point around this mark but may encounter notable selling pressure before flipping it.
Previous price movement hints at a surge above $1 after the coin flips this key level. The bollinger band supports this speculation as Dogwifhat retested the lower SMA a few hours ago. Such a phenomenon may mean an impending end to the downtrend.
Other assets in the ecosystem are seeing a similar trend. Jupiter had one of its biggest declines on Tuesday, retracing from $0.42 to a low of $0.39. The token ended the session with losses exceeding 4% but hints at pullback at the time of writing.
A bearish close on Wednesday will mark the asset’s third consecutive day of losses. It dropped to a low of $0.37 a few hours ago but has since recovered and is now trading at its opening price. Nonetheless, it trades almost 30% higher than its all-time low. Prices remain close to the first pivot support as the bulls struggle to restart the uptrend.
JUP Risks Retesting $0.35
Jupiter’s current price indicates that the asset is trading at a critical level. Losing S1 will result in a plummet to $0.35. However, recovery may send it as high as $0.45. Reclaiming this level may see the asset approach $0.51.
Other metrics, like the bollinger bands, favor more upside movement. The token is edging closer to breaking out of the indicator, which may spark massive buybacks. However, JUP may drop as low as $0.36 before rebounding. The asset is seeing a 23% decline in trading volume, supporting speculations of further declines.
Jupiter may be the most severely affected project by the ban on Pump.fun. The platform may see fewer token listings due to low creation. It will lead to further decline in traders’ interaction with the DEX, reflecting on prices.
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