The past week has been a rough moment for many Solana-based meme coins as they lost steam amid a recent market correction. Dogwifhat (WIF) bounced today after locating support but is likely to face resistance.

Dogwifhat’s price appeared a bit weak after slowing down the rally due to a recent bearish correction across the crypto space. Despite that, the price actions still look strongly bullish on the daily graph.

While most meme coins have significantly lost momentum in the past week, it did not see much drops as it stands firmly above the $2 mark. After rejecting this mark level on Wednesday, it stayed quiet and resurged to where it’s currently changing hands at around $2.65.

This resurge was triggered by the latest recovery in the global crypto market and the price is almost testing a minor parallel resistance on the daily chart. Similarly, it is facing a descending trendline, serving as dynamic resistance for a week and a half.

Increasing well above this trendline could bring the bulls back in the market. Inversely, losing the mentioned mark level could trigger a heavy crackdown in the future.

It has gained a lot of traction and is now the leading Solana-based meme coin with a $2.63 billion worth of market cap. According to Coingecko data, the price is still up by more than 164x despite the recent loss.

WIF currently aims for the $2.75 level, recently mentioned as minor parallel resistance. Breaking this resistance could bring more recovery to $3 and $3.56 before advancing higher to a new high.

The $2 mark currently stands as support on the weekly scale. Other levels to watch for a crackdown is $1.5, followed by $1. The key retest level to watch lies at $0.5.

Key Resistance Levels: $2.75, $3, $3.56

Key Support Levels: $2, $1.5, $1

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: kaedeezign/123RF // Image Effects by Colorcinch

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