Solana-based meme coin Dogwifhat (WIF) has dropped 7% in the past 24 hours, now trading at $3.54. It currently ranks as the second-largest loser of the day, behind Goatseus Maximus (GOAT), which has plummeted 15% during the same period.

With increasing selling pressure and growing bearish sentiment, WIF risks further declines that could push its price below the $3 threshold.

Dogwifhat Faces Bearish Pressure

BeInCrypto’s assessment of the WIF/USD four-hour chart reveals the bearish bias against the altcoin. The negative reading on its Elder Ray Index indicates that bearish momentum currently outweighs bullish strength among market participants. As of this writing, WIF’s Elder Ray Index stands at -0.22.

The Elder-Ray Index assesses the strength of bullish and bearish pressures in the market. When it falls below zero, it indicates that bear power has overtaken bull power, signifying bearish momentum. This suggests that sellers are dominating the market, pushing prices lower. In such scenarios, traders interpret the negative value as a warning of potential continued downtrends or selling pressure.

Additionally, WIF’s Relative Strength Index (RSI) indicates declining buying pressure. The RSI, which gauges overbought and oversold conditions, ranges from 0 to 100. Readings above 70 signal that an asset is overbought and may face a correction, while values below 30 indicate it is oversold and could see a rebound.

Currently, WIF’s RSI sits below the 50-neutral line at 44.80, reflecting weakened bullish momentum.

WIF Price Prediction: The Sub-$3 May Be At Hand

WIF is currently trading at $3.46, hovering just above its support level of $3.35. If the ongoing downtrend continues, the meme coin is likely to test this support. A breach at $3.35 could lead to a further drop to $3, with the possibility of declining to $2.57 if selling pressure intensifies.

However, this bearish outlook could be reversed if WIF experiences a surge in new demand, which could drive its price upward toward $4.19.

Cryptocurrencies were fairly mixed on Monday as Bitcoin remained stubbornly above the important support level at $90,000. Hedera Hashgraph (HBAR) token surged to a high of $0.1490, its highest level since April 24 and 256% above its lowest point this month. 

Similarly, Citizen (CATI), the popular Telegram game, jumped for four consecutive days, reaching a high of $0.70, its highest point since September. Notably, investors continued to eye Vantard, an upcoming cryptocurrency that seeks to create a meme coin index fund.

Why Hedera Hashgraph and Catizen soared

Hedera Hashgraph token surged after a leading company applied for a spot HBAR ETF in the United States. This application is taking advantage of the recent Donald Trump election, which will likely usher in a new era in the crypto industry. 

Unlike Joe Biden, Trump has comeout in support of the crypto industry since he has a skin the game. As such, there is a likelihood that the SEC will approve new crypto ETFs at a faster pace in the coming year.

Hedera Hashgraph is seen as an ideal candidate for an ETF because of its use case and the fact that it counts influential companies like Google, Mondelez, and IBM as members of its governance council. 

The main issue with Hedera is that it often has low volume and it has not attracted many developers in its ecosystem. As such, even if the ETF is approved, it is unclear whether it will gain popularity among institutional investors. 

Citizen, on the other hand, is a top player in the tap-to-earn ecosystem that has grown rapidly in the past few months. As shown below, its rebound was mostly because of technicals since it had formed a falling wedge pattern before its comeback. There is a likelihood that the token will surge to a record high of $1.2, which is about 60% above the current level.

Vantard token sale is accelerating

Meanwhile, investors have shifted their focus to Vantard, a popular crypto project that is in its token sale. Vantard has raised over $844,000 from investors, a trend that could continue as meme coins jump.

Vantard is based on the idea that meme coins do well over time. Recent data show that meme tokens like Dogecoin, Floki, and Dogwifhat have outperformed major cryptocurrencies like Bitcoin and Ethereum. 

Vantard’s strategy is to create a meme coin index fund that will track the biggest and most promising tokens in the industry. As such, instead of investing in all these coins, one can buy the VTARD token and gain exposure to some of the best coins. 

The developers hope that their tokens will thrive as Trump is set to simplify cryptocurrency laws while the Federal Reserve is expected to continue cutting interest rates through 2025. You cann learn more about Vantard here.

The 4-hour PEPE price chart has formed a bullish pattern, suggesting that the meme coin’s price could be ready to hit a new peak. At press time, PEPE’s price is $0.000021, 17% down from the all-time high it reached on November 14.

As a result, 1% of the token’s holders are in the red zone, while 7% are at the breakeven point. This on-chain analysis reveals how PEPE’s price action could return all these holders to profits.

Pepe Technical Pattern Siginifies Recovery

Analysis of the 4-hour timeframe shows that the PEPE price chart has formed a bull flag.  A bull flag is a continuation pattern indicating that a cryptocurrency’s price is likely to resume its upward trend following a brief consolidation.

The pattern consists of the “flagpole,” which represents the price increase period. It is then followed by the “flag,” indicating the consolidation phase, and the breakout, which occurs after the price rises above the resistance line.

As seen below, PEPE’s price is on the verge of breaking out of the $0.000021 region. Once validated, this bull flag formation could lead to a notable rise above the all-time high of $0.000025.

This prediction also aligns with the position of the Global In/Out of Money (GIOM). The Global GIOM indicator groups all wallet addresses into clusters based on the price ranges at which they previously acquired their holdings. 

Larger clusters indicate stronger support or resistance levels at those price points, as they represent areas where many investors are positioned. According to IntoTheBlock, only 3,940 addresses hold 2.76 trillion tokens, and accumulated around $0.000023 are out of the money.

Considering the weak resistance and strong support, PEPE’s price might increase. In short, the on-chain indicator suggests that the meme coin’s value might rise as high as $0.000041.

PEPE Price Prediction: First Target at $0.000032

On the daily PEPE price chart,  the token seems to have followed a similar movement to its  250% hike around  March. At that time, the frog-themed meme coin broke out of a descending channel.

Between September 29 and the first week in November, PEPE traded within a descending channel. While it has since broken out, the image above shows that the meme coin’s value could climb higher.

If this happens, then the value might rise toward 0.000032, possibly hitting $0.000041. On the other hand, if selling pressure rises, this might not happen. Instead, PEPE could decline below $0.000015.