Dogwifhat (WIF), the largest meme coin by market capitalization on Solana, registered notable recovery over the last 30 days. This rebound ensured that WIF’s price climbed by 50% and almost retested $3.

Despite the impressive rally, technical analysis points to the possibility of a correction, as this classic bearish formation typically signals a potential downturn. 

Dogwifhat Forms Bearish Pattern

On October 14, WIF’s price almost hit $3. However, the resistance at $2.82 ensured that the meme coin could not reach the threshold again for the first time since July. 

Following this development, BeInCrypto observed that WIF had formed a rising wedge on the daily chart. Also called an ascending wedge, this pattern arises when two upward slopes converge, signaling an imminent downward trend reversal.

In most cases, this wedge indicates that a cryptocurrency has hit the local top. For WIF, the local top appears to have been around $2.96, where the wick of the green candlestick hit on Monday.

Read more: How to Buy Dogwifhat (WIF) and Everything Else To Know

The Money Flow Index (MFI) is another indicator signaling a potential correction for WIF. The MFI assesses both volume and price to gauge buying and selling pressure in the market.

An increase in the MFI reflects rising buying pressure, while a decrease points to growing selling activity. As shown below, the MFI on the WIF/USD daily chart has dropped and is on the verge of slipping below the neutral line.

Given these conditions, it suggests that WIF’s price has lost bullish support and might undergo an extended decline.

WIF Price Prediction: 20% Correction Next

A closer look at the daily chart suggests that WIF could struggle to break above $2.82, as it appears to be following a downward trend seen since July.

On July 22, WIF reached $2.82 but faced resistance. By August 6, the price had dropped 55% to $1.25. However, this doesn’t necessarily mean Dogwifhat will experience a similar decline.

Still, a quick rebound seems unlikely. WIF could fall by 20%, as indicated by Fibonacci retracement levels, which highlight potential support and resistance. 

Read more: 5 Best Dogwifhat (WIF) Wallets To Consider In 2024

If the token drops to the 50% retracement level, it may reach $2.08. However, if bulls defend the $2.33 support, WIF could rebound to $3.11.

Earlier this month, Ripple’s (XRP) price dropped by 18% within three days. Since October 3, however, the token has stabilized, trading between $0.52 and $0.55.

While big market players are accumulating XRP, which could boost its value, it’s uncertain if this is enough to prevent the token from dipping below $0.50.

Ripple Bulls Show Support for the Altcoin

According to Santiment, addresses with holdings between 100 million and 1 billion XRP owned 9.63 billion tokens on October 17. That amount has since increased to 9.77 billion, indicating an accumulation of around 140 million XRP, valued at about $77 million.

Typically, when large investors accumulate tokens, it signals an expectation of a price increase. Conversely, a reduction in holdings often suggests an impending price drop. Given the recent accumulation, XRP could be poised to rise above $0.55.

Read more: XRP ETF Explained: What It Is and How It Works

Another factor supporting this prediction is the Funding Rate, which measures the difference between the mark price of perpetual futures and the index price, representing the spot price of the underlying asset.

When the Funding Rate rises, longs are paying shorts, signaling that traders are generally bullish. A decline in the rate indicates shorts paying longs, reflecting bearish sentiment.

For XRP, the Funding Rate is currently positive. If this trend continues, the altcoin’s price could increase, leading to potential profits for traders holding long positions.

XRP Price Prediction: Bounce Imminent

On the daily chart, XRP’s price is swinging between $0.52 and $0.54. However, a look at the chart shows that the $0.52 level is strong support for the token because bulls have defended the price from below that point several times over the last few weeks.

Considering this position, it is highly unlikely that altcoin will drop to $0.50 or below it. Instead, the Fibonacci indicator, which measures support and resistance, reveals that XRP’s price might bounce off that support.

Read more: How to Buy XRP and Everything You Need To Know

With increasing buying pressure, the cryptocurrency’s value might hit $0.60. However, if XRP slips below $0.52 and bulls fail to defend the token, a drawdown to $0.49 could be next.

A group of 18 US attorneys general has urged President Joe Biden and Secretary of State Antony Blinken to secure the release of the Binance Executive Tigran Gambaryan, who is currently in custody in Nigeria.

The attorney general’s request follows the adjournment of Gambaryan’s trial in Nigeria due to his worsening health.

US Attorneys General Urges Biden to Designate Gambaryan as Hostage

In an October 18 letter, the group — led by Utah Attorney General Sean D. Reyes — called on President Biden and Secretary Blinken to officially classify Gambaryan as a hostage. They argue that his detention by Nigerian authorities qualifies under the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act.

The attorneys voiced deep concerns about Gambaryan’s deteriorating health. They claimed that Nigerian authorities are holding him in one of the country’s most dangerous prisons, where he faces life-threatening conditions.

“Gambaryan’s life is in immediate danger. His health has severely deteriorated during his imprisonment — he has been denied treatment for multiple bouts of malaria and pneumonia, and his untreated herniated disc has left him immobile,” they wrote.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

Reyes emphasized the urgency of the situation, stating that Nigerian authorities are unlawfully holding Gambaryan in potentially deadly circumstances. He called the issue a humanitarian and patriotic concern rather than a political one.

“In our role as attorneys general, many of us have jurisdiction over criminal justice matters and are law enforcement leaders for our own communities. Tigran Gambaryan is one of these heroes in our world,” Reyes added.

Notably, the coalition also raised the possibility that Nigerian authorities may be using Gambaryan to leverage pressure on Binance. Due to this, the attorneys general urged the Biden administration to designate Gambaryan as a hostage. According to them, this move would unlock additional diplomatic resources to push for his release in Nigeria.

“The Levinson Act was designed specifically for cases like this, where US citizens are unlawfully detained for political or financial leverage. Tigran Gambaryan’s situation fits this profile, and the time to act is now — before this unlawful detention becomes a tragedy,” they wrote.

Read more: 7 Best Binance Alternatives in 2024

This letter was sent on the same day that a Nigerian High Court in Abuja postponed Gambaryan’s trial to October 25, citing his inability to attend court due to his health issues. His legal battle with Nigeria’s Economic and Financial Crimes Commission (EFCC) has dragged on since his detention in February. Gambaryan, along with Binance, is facing money laundering charges.

Meanwhile, Binance has maintained its willingness to cooperate with Nigeria but insisted that Gambaryan should be allowed to return home. Since his arrest, Gambaryan’s health has rapidly deteriorated, with reports of him suffering from malaria, pneumonia, tonsillitis, and a herniated disc that now confines him to a wheelchair.