The Dogwifhat (WIF) coin price was subdued on Thursday, trading little moved in the $1.5450 area as other major cryptos crawled higher.
The WIF price was up 2.5% in the past 7 days, per CoinMarketCap.
But leading Solana meme coin might be in trouble, according to chart analysis.
The dogwifhat coin price has rejected retests of its 50DMA three times in just over the past month.
And those rejections come as dogwifhat continues to trend lower within the confines of a longer-term downward trend channel.
Chart analysis is thus sending a strong message that lower prices are likely for dogwifhat coin in the coming months.
A retest of August’s sub-$1.07 lows is on the cards.
Could This New Meme Coin Be a Better Bet Than Dogwifhat Coin?
Dogwifhat coin may be headed lower in the short term. The US economy might be about to tilt into a recession, which could add to the downside pressure.
And a difficult-to-predict US election might further add to the downside volatility.
But a Fed rate-cutting cycle is just about to start and this could reignite risk appetite eventually.
Fun fact:
Next week the Fed will cut rates for the first time this cycle on September 18.
It was the same day, September 18, the Fed first cut rates in 2007.— Sven Henrich (@NorthmanTrader) September 10, 2024
Meme coins might be some of the top outperformers in such an environment.
And as one of the leading Solana meme coins, dogwifhat coin stands a good chance of posting an impressive rebound.
That said, investors might stand a better chance of securing quick gains if they invest in smaller, lesser-known meme coins.
One new meme coin that has caught the attention of analysts at Cryptonews.com is a fun, Wild West-themed Shiba Inu play-to-earn game called Shiba Shootout (SHIBASHOOT).
The exciting new project has already raised over $1.1 million in presale funds.
In the below video, popular presale analyst Crypto Nautic explains why the SHIBASHOOT presale is one that cannot be missed.
Learn More Here
The post Is Dogwifhat Coin in Trouble? Here’s What to Expect for WIF Price in the Coming Months appeared first on Cryptonews.