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The Dogwifhat price dropped more than 20% in the past 24 hours to trade at $0.07896 as of 8:10 AM EST as investors continue to offload their holdings in the cryptocurrency.
The Dogwifhat Price Attempts To Reclaim Support
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price dropped to a low of $0.0655 earlier in today’s trading session, but was able to recover slightly. Investors identified this drop in price as a buy opportunity, as WIF is attempting to reclaim the support of the $0.08 mark. A 4-hour candle close above this level within the next 8 hours could lead to a bullish move towards $0.1015.
If bulls decide to continue to boost the Dogwifhat price in the next few days, the altcoin may be able to climb to as high as $0.1445. However, this bullish thesis could be invalidated if WIF is unable to close a 4-hour candle above $0.08 within the next 12 hours.
In this alternative scenario, the Dogwifhat price stands the risk of retesting the aforementioned low at $0.0655. Bears may continue to exert sell pressure on the cryptocurrency, which will most likely force it below this key price point.
The Dogwifhat Price May Receive A Boost Soon
Technical indicators suggest that a bullish trend reversal may soon take place. The Moving Average Convergence Divergence (MACD) is flagging slightly bullish. With the MACD line closing in on the MACD Signal line, WIF’s negative trend may be approaching its end. This could be confirmed if the MACD breaks above the MACD Signal line.
In addition to this, buyers have gained some strength and are continuing to build up their power against sellers. The RSI indicator on the 4-hour chart suggests this, as the RSI is closing in on its Simple Moving Average (SMA) line. Similar to the MACD, a cross between the RSI and SMA will be a significant bullish technical flag. This will signal that strength has shifted in favor of bulls, which may be identified as a long entry.
While the Dogwifhat price continues to fall, Sponge V2 is set to skyrocket after its predecessor, Sponge V1, managed to print a weekly gain of more than 114%.
A Meme Coin Set To Explode Soon
Sponge revisited the 100x gains it posted in May last year after its price pumped more than 100% over the last week. This surge in the crypto’s price could be due to its highly-anticipated bridging from V1 to V2.
Following this transition, investors who missed out on the 100x gains printed by Sponge V1 will have a second chance at substantial gains. As a result, Sponge V2 is being called the next Pepe Coin, as it has the potential to achieve the same gains as PEPE.
To get in on this promising project, investors have two options. The first option is to buy and stake Sponge V1 through its official website. The second option is for investors that already own Sponge V1, who will just need to stake their tokens. Once staked, the tokens will automatically be bridged to V2.
Attention, #SPONGERS! 🧽💦
We’re thrilled to announce that our liquidity is now locked! 🔐
With 4,270,902,045 tokens already staked valued at $3,497,953 with an impressive current 378% APY, $SPONGE is stronger than ever!
Visit our website to find out more! ⚡️#SpongeV2 #Web3 pic.twitter.com/1tYOhx3Lcb
— $SPONGE (@spongeoneth) January 8, 2024
Investors Are Rushing To Stake Their Tokens
So far, more than 4.2 million Sponge V1 tokens have been staked, which suggests that investors are betting big on the future of Sponge V2. Apart from the potential to generate a substantial return on investment, token holders who stake their tokens have access to a very lucrative APY (annual percentage yield). Currently, Sponge’s website shows that there is a 377% APY up for grabs.
Building Off Of Sponge V1’s Success
$SPONGE V1 has over 13,000 holders!
With bigger and better exchanges on the horizon, how many #HODLERS do you think #SpongeV2 will have? 🤯#MemeCoin #BullMarket #AltSeason pic.twitter.com/261W4L8pKt
— $SPONGE (@spongeoneth) January 7, 2024
What separates Sponge V2 from its predecessor is that there are “bigger and better” exchanges on the horizon for the project. In addition to this, Sponge V2 will include a P2E racer game. Both of these factors, coupled with a rapidly growing community, could lead to the Sponge V2 price skyrocketing in the coming weeks.
Sponge V1 can be purchased and staked here.
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