Market
How WIF Active Addresses Could Affect the Meme Coin Price
On November 13, Dogwifhat (WIF) active addresses rose to 17,000. However, as of this writing, that number has dropped almost fivefold, indicating that interest in the meme coin has decreased.
This decline also coincided with WIF’s price decrease from $4.20. Here is a thorough analysis of how the decrease in active addresses could affect the meme coin’s value in the short term.
Dogwifhat Network Activity Drops
WIF’s price rallied above $4 on the same day that active addresses climbed to the highest level since March 14. This hike implies that user engagement was vital to the meme coin’s bullish performance.
As of now, daily WIF active addresses for the Solana meme coin have plummeted to 3,692, signaling a sharp decline in wallet activity compared to just a week ago. This drop suggests a waning interest in transactions involving the coin.
Historically, such a decline in active addresses has been a bearish indicator, often signaling reduced momentum and potential price weakness ahead. So, it is not surprising that WIF’s price could not hold the $4 support and is now trading at $3.27.
Another metric suggesting that WIF might fail to rebound to $4 quickly is the weighted sentiment. This metric measures the perception market participants have about a token.
When the reading is positive, the Weighted Sentiment implies that most comments online about a project are bullish. On the other hand, if the metric’s reading is negative, it means that the average remark about the asset is bearish.
In WIF’s case, it is the latter. If this remains the same, then the Solana meme coin’s value could drop lower than $3.27 in the short term.
WIF Price Prediction: Lower Than $3
From a technical point of view, the daily chart shows that the Awesome Oscillator (AO) has flashed red histogram bars. The AO is a technical oscillator that compares historical price movements with recent ones to measure momentum.
When the reading is positive, momentum is bullish. But when it is negative, it is bearish. In this case, the reading is positive, but since the histogram is red, it indicates that bullish momentum is fading.
Should this remain the case, WIF could decline to $2.69. On the other hand, if momentum becomes bullish again, this prediction might not come to pass. Instead, WIF could rally to $4.79.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started another decline below the $3,150 zone. ETH is struggling and might decline further below the $3,000 support zone.
- Ethereum is slowly moving lower below the $3,150 zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,000 support zone.
Ethereum Price Struggle Continues
Ethereum price attempted an upside break above the $3,200 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
There was a move below $3,080 and the price tested $3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low.
Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,080 level.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance might send the price toward the $3,220 resistance.
An upside break above the $3,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward $2,920. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,030
Major Resistance Level – $3,100
On November 19, the crypto payment gateway MoonPay announced that it had more Solana transactions that day than all of November 2023. The following day, its SOL trade volumes increased even further.
MoonPay has not disclosed a reason for this heightened Solana transaction rate, but a frenzy in SOL meme coins might provide an explanation.
MoonPay’s Solana Bull Run
MoonPay, a cryptocurrency payment gateway, is enjoying substantial rates of Solana (SOL) transactions. The firm has not deliberately specialized in Solana recently, as it did with its August Ripple integration, except for enabling Venmo for SOL buys in October. Nonetheless, MoonPay announced unprecedented volumes.
“On November 19, MoonPay smashed our single day all-time record for Solana transactions! More SOL transactions that day than ALL of November 2023 combined, [and] 295% increase in 2024 daily SOL average. And they said it was only a Solana Summer…” the company claimed via social media.
Soon after this first statement, MoonPay also announced that today’s Solana transaction volumes were already exceeding the previous day. For an undetermined reason, MoonPay has evidently become a particularly attractive platform for SOL trades. To analyze this phenomenon, it’s worth noting that Solana is experiencing a bull market.
Solana is flirting with $5 billion in open interest but is still far from its all-time high. Beyond the general bull run in the entire crypto market, a “meme coin mania” is pushing Solana right now. For example, PNUT, a newly launched SOL meme coin, became one of the 100 highest-performing assets 36 hours after launch.
This heightened interest in meme coins might explain MoonPay’s Solana success. The platform integrated Venmo support for meme coins in late October and has continued advertising this service. However, its exact transaction data remains private.
Regardless, MoonPay is encouraging further Solana trading. It offered to follow large numbers of X users if Solana hits an all-time high in November and has once again showcased SOL trade functionality. This crypto bull market is creating a wild array of new profit opportunities, and these trade volumes are just one example.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin price is rising steadily above the $92,000 zone. BTC is showing positive signs and might continue to rise above the $95,000 level.
- Bitcoin started a fresh increase above the $92,000 zone.
- The price is trading above $92,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $95,000 resistance zone.
Bitcoin Price Sets Another ATH
Bitcoin price remained supported above the $91,000 level. BTC formed a base and started a fresh increase above the $92,000 level. It cleared the $94,000 level and traded to a new high at $94,980 before there was a pullback.
There was a move below the $94,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. However, the price is stable and consolidating near the $94,200 level.
Bitcoin price is now trading above $93,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $94,800 level. The first key resistance is near the $95,000 level. A clear move above the $95,000 resistance might send the price higher. The next key resistance could be $98,000.
A close above the $98,000 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 resistance level.
Another Downside Correction In BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,700 level.
The first major support is near the $92,800 level or the 61.8% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. The next support is now near the $91,500 zone. Any more losses might send the price toward the $90,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $93,800, followed by $92,800.
Major Resistance Levels – $94,800, and $95,000.
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