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Solana-based meme coin Dogwifhat had an exceptional rally final month with the WIF value rallying all the way in which to $4.75 thus turning into the third-largest meme coin by market cap.  However, the Dogwifhat value is dealing with robust promoting strain slipping by greater than 10% during the last 24 hours, all the way in which to $3.53. Since then, it has partially recovered and at press time, it’s buying and selling at $3.9 stage.

Dogwifhat Price Faces Selling Pressure In April

The WIF token faces downward strain, experiencing a ten% correction over the previous 24 hours and a 25% lower for the reason that starting of the month, reflecting heightened promoting exercise throughout the cryptocurrency market. A rounding high sample noticed within the 4-hour timeframe suggests a powerful bearish sentiment prevailing for the memecoin.

Additionally, the Simple Moving Average (SMA) signifies a downward pattern, indicating a possible value decline for the WIF token within the close to future. The Moving Average Convergence Divergence (MACD) indicator presents a steady crimson histogram, signaling a rise in promoting strain in comparison with shopping for strain within the crypto house.

Despite the bearish outlook, if the market undergoes a pattern reversal, the WIF token might collect momentum and purpose to retest its current excessive of $4.1975 by the upcoming weekend. Conversely, if the unfavorable pattern persists, the dogwifhat token might descend to check its help stage at $3.

Another Solana Meme Coin Ready for Launch

As the bullish sentiment round Dogwifhat cools down a bit, buyers within the Solana ecosystem are preparing for an additional main meme coin launch. Amidst the fast development of meme cash throughout the burgeoning Solana ecosystem, Smog (SMOG) stands out with its dragon-themed idea and in depth airdrop marketing campaign. The venture just lately concluded its season one airdrop marketing campaign, distributing a staggering $1 million. Following this milestone, the crew behind Smog introduced the coin’s first main alternate itemizing.

.@SMOGToken: Buy and maintain $SMOG tokens to realize entry to the best airdrop Solana has ever seen, is coming to #MEXCKickstarter 🚀

🗳Vote with $MX to share huge airdrops
📈 $SMOG/USDT Trading: 2024-04-04 09:00 (UTC)

Details: https://t.co/2hnzMA3fB4 pic.twitter.com/UYKQrN9L4T

— MEXC (@MEXC_Official) April 3, 2024

Traders and buyers now have the chance to commerce SMOG/USDT on MEXC, ranked because the eleventh largest cryptocurrency alternate by every day buying and selling quantity. The distribution of Smog tokens was decided by the quantity of Zealy quests accomplished by every participant. Investors eagerly pursued XP, collectively attaining a powerful 7.5 million quests.

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Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The offered content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.