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.

Ethereum (ETH) price has lagged behind other major assets this year, with a 30% year-to-date increase compared to Bitcoin’s 102% and Solana’s 118% gains. However, recent metrics suggest that ETH may be gearing up for a stronger performance.

Whale accumulation is picking up again, and key indicators like the 7-day MVRV ratio and EMA alignments are signaling a potential bullish phase.

ETH 7D MVRV Is at An Important Threshold

Ethereum’s 7-day MVRV ratio currently sits at -3%, suggesting that short-term holders are at a slight unrealized loss on average. This metric often indicates whether an asset is undervalued or overvalued relative to recent market activity.

A negative MVRV ratio like this can signal a potential accumulation zone, as it reflects that holders may be less inclined to sell, creating room for upward price movement if demand increases.

The MVRV 7-day ratio measures the average profit or loss of addresses that have acquired Ethereum over the past seven days.

Interestingly, on November 5, MVRV 7D ratio hovered around similar levels before a sharp price rally took ETH from $2,400 to $3,400 in just a week, highlighting how this could happen again soon.

Ethereum Whales Are Accumulating Again

From November 7 to November 13, the number of whales holding at least 1,000 ETH increased significantly from 5,527 to 5,561. This marked one of the largest growth spurts in this metric for 2024, signaling strong accumulation by large holders.

Such activity often reflects increased confidence in ETH’s, as whale accumulation tends to precede periods of upward price movement due to reduced selling pressure and concentrated ownership.

Following this surge, the metric saw a sharp drop to 5,534 in just one day, reflecting profit-taking. However, it has started climbing again, reaching 5,548 in recent days.

This renewed growth suggests that whales are once again positioning themselves, which could bolster ETH price stability or even fuel a potential rally.

ETH Price Prediction: Potential 15% Upside

With the MVRV 7D ratio at -3% and whales resuming accumulation, ETH price appears to be positioning itself for a bullish phase. This outlook is further supported by its EMA alignment, where the price is above all lines, and the short-term lines are crossing above the long-term ones, forming a golden cross.

This technical setup often signals the start of a strong uptrend, reflecting growing momentum in the market.

If the bullish momentum holds, ETH could challenge its resistance at $3,560, which represents a potential 15% upside from current levels.

However, if the uptrend weakens, ETH may test support around $2,822, and failure to hold that zone could lead to a deeper correction toward $2,360. These levels will be crucial in determining whether ETH can sustain its recovery or face further consolidation.