Dogwifhat's Price Plunge: WIF Drops by 9% as Traders Rush to Solaxy's $43M Presale, Seeking 100X Gain Potential
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The psychedelic crypto, Dogwifhat ($WIF), plummeted a staggering 9% in the past 24 hours, now trading at $0.8586 as of 8:45 p.m. EST. This dismal performance comes alongside a massive surge in daily trading volume, hitting an impressive $528 million.
This catastrophic dive pushed Dogwifhat to the top spot for the biggest crypto losers, according to CoinMarketCap.
Dogwifhat's Rollercoaster journey – A dip from $1.18 to $0.8531
The 1-day Dogwifhat-to-USD chart portrays the cryptocurrency’s seesaw patterns, going from bullish swings to a heart-stopping breakout within just 48 hours. This rollercoaster ride resulted in a whopping 33% dump, with Dogwifhat reaching a peak of $1.18 just two days ago. This sell-off also erased the chart's previous bullish stance, rushing the neckline below the $0.90 level. Previously, this $0.90 zone served as a vital support zone while Dogwifhat consolidated between $0.9 and $1.2.
Post the bearish breakout, Dogwifhat managed to find a bit of comfort at the 50-day Simple Moving Average (SMA) at $0.769, as shown in the chart. Now, Dogwifhat is heading back up to test the $0.9 support-turned-resistance level.
The RSI and MACD – A Momentum Check
Despite a few bumps, the Relative Strength Index (RSI) is lingering at 43.86, somewhere near the neutral zone but leaning towards oversold. This means the selling pressure is escalating but may cool off once it reaches the oversold zone (below 30).
In the case of the Moving Average Convergence Divergence (MACD), things are gloomy. With the MACD line under the signal line and the histogram boasting bearish volume growth, it's clear that the bearing momentum is still firmly in place.
However, if the MACD lines begin closing in, Dogwifhat's price might experience a pattern shift.
If Dogwifhat maintains a foothold above the $0.769 support level, buyers might jump in, resulting in a possible reversal as they see it as a bargain. But if the price dips beneath this level, expect a potential freefall towards the next support around $0.6, which corresponds to the lower end of that yellow zone on the chart. Worst-case scenario, the chart's lowest record of $0.3042 might come back into play.
In contrast, Dogwifhat may pop back over the neckline to $1.20 if it defends the $0.769 support and the RSI reaches the oversold zone, potentially offering bulls a much-needed boost.
Solaxy (SOLX) – A Resilient Solana Token
Amid Dogwifhat's struggles, investors have found solace in another Solana token called Solaxy (SOLX). This novel Layer-2 project has already gathered over $42.9 million in a presale that will conclude shortly.
Solaxy's purpose is to eliminate Solana's frequent congestion by executing transactions off-chain, tidying them up, and settling them back on Solana's mainnet – similarly to how Arbitrum and Optimism support Ethereum's mainnet. By doing so, Solaxy diminishes congestion, reduces fees, and maintains smooth operations, even when the market hits the roof.
Solaxy doesn't stop at speed – it aims to build a bridge between Ethereum, allowing investors to tap into Ethereum's extensive liquidity while still enjoying Solana's blazing-fast performance. This could be a massive advantage for developers working in DeFi, gaming, or NFTs, bridging the best of both worlds.
In addition, the Solaxy team has already launched a testnet, a blockchain explorer, and the Igniter Protocol, a no-code token launchpad that lets you effortlessly develop tokens that immediately become tradable on its upcoming DEX.
An analyst on the crypto YouTube channel 99Bitcoins (723K subscribers) predicts SOLX could skyrocket 100X after launch.
As of now, SOLX tokens are priced at $0.001742 during the presale and can be bought using crypto or a credit card. Given the presale's end date is quickly approaching (in less than 15 days), those considering an investment shouldn't dilly-dally!
Check out Solaxy's website for more insights.
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- With the tumultuous performance of Dogwifhat in the crypto market, some investors are turning to technology-driven solutions like Solaxy (SOLX), a resilient Solana token designed to address Solana's congestion issues and potentially offer higher returns.
- While Dogwifhat is currently in a precarious position, the future of investing lies in diversifying portfolios and exploring promising technologies in the finance sector, such as Solaxy, which could bring about significant gains in the coming days.
