Mog Coin (MOG) & dogwifhat (WIF) Prices Plunge Hard: Yet May Rebound Hard Quickly Once Bearish Heat Fades Off

The post Mog Coin (MOG) & dogwifhat (WIF) Prices Plunge Hard: Yet May Rebound Hard Quickly Once Bearish Heat Fades Off appeared first on Coinpedia Fintech News

In an interesting move, bears manifested their strength and dragged the market beneath the pivotal levels for a while. Although the bulls managed to lift the levels and defend the support, the fear of another price crash continues to hover over the markets. While, the memecoins are also fighting the bearish heat, a couple of them are facing acute upward pressure for the second consecutive day. Therefore, it is believed that the Mog Coin (MOG) & dogwifhat (WIF) prices may trigger a huge rebound as they are experiencing huge losses at the moment. 

dogwifhat (WIF) Price Analysis

dogwifhat prices are forming consecutive lower highs and lows, suggesting the growing dominance of the bears as selling pressure escalates. The volatility of the memecoin has risen to a large extent due to which the price of WIF is expected to fluctuate with bigger margins in the next few days. With this, the token displays the huge potential of plunging back to $1.5, meanwhile, a rebound is also expected to attract massive gains. 

The WIF price has been fighting the bearish pressure ever since it marked the highs above $4.7 within a couple of days of its inception. The latest price action is believed to drag the levels back to the lower support at $1.5 as the market sentiments have turned bearish. Besides, the supertrend & RSI are also not in favour of the bulls. Therefore, the WIF price is believed to maintain a strong descending trend and test the support. Meanwhile, a rebound is expected then, but if the bulls remain passive, a plunge below $1 could also be imminent. 

Mog Coin (MOG) Price Analysis

MOG price triggered a huge upswing after trading within a rangebound since its inception. The token soared by over 3500% since the beginning of the year which has attracted huge attention. Meanwhile, after losing by over 36% from its highs, the Mog Coin price is believed to lose another 25% which may confirm the bottoms. However, the possibility of a rebound from the lows is completely dependent on the volume which is not in favour of the bulls at the moment. 

As seen in the above chart, the MOG price maintained within an ascending parallel channel, and after failing to reclaim the resistance, the token appears to be heading towards support. A drop below the average bands of the channel justifies the bearish claim and revives the selling pressure, as seen with the MACD, which validates it. Besides, the DMI seems to be preparing to flash a sell signal, as +Di & -Di is expected to display a bearish crossover. Therefore, the MOG price is believed to drop to the support of the channel and resin consolidated until the bulls revive a strong price action.