Is It Too Late To Buy WOLF? Landwolf Price Plunges 12% Amid A Marketwide Sell-off

Landwolf price has slumped 5% in the past seven days and 12% today, with the WOLF/USD trading at $0.01165. Despite the sharp decline, its 24-hour trading volume has jumped 1% to $11 million, suggesting intense market activity. LandWolf is a new and exciting meme coin rapidly gaining traction within the Solana ecosystem, offering unique investment opportunities.

The character behind the meme coin was created by Matt Furie, an American artist and illustrator who created the Boy’s Club. According to recent updates by crypto investor Emsway, WOLF has shown strong price action while other cryptos were bleeding. 

$WOLF Here's a memecoin that doesn't follow $BTC we have seen this project rise showing strong price action while others were bleeding 🩸. Liquidity sits below retail's horizontal support. This is were the 4HR orderblock has been tapped once before. Liquidity has been built once… pic.twitter.com/KFvJbhVxEm

— Emsway 🗡️ (@emsway3) July 3, 2024

Emsway has reckoned that WOLF will take out the liquidity below the retail’s horizontal support and move up to 50-60% regardless of what BTC does. Further, LandWolf has not seen any particular developments lately that would explain its major price decline; its plunge is likely the result of a new bearish wave that has forced the entire crypto industry to trade deeply in the red.

At the time of writing, Bitcoin’s price is down 4% to $57,631. Nonetheless, the Solana ecosystem tokens, including memecoins, have dived as the sector’s market capitalization sunk 7% to $43 billion.

Landwolf Statistical data

Based on Coinmarketcap data:

• WOLF price now – $0.01165
• WOLF market cap – $120 million
• WOLF total supply – 10 billion
• WOLF circulating supply – 10 billion 
• WOLF ranking – #2564

Since its peak on 1 July, the LandWolf price has been dropping fairly consistently for several days. However, all hope is not lost for WOLF holders, as there are signs that the token’s descent may be over soon. This could lead to a good investment opportunity for risk-takers willing to take their chances by buying the dip.

The Landwolf price trades with a bearish bias within a descending or falling channel. The trendline is drawn from joining multiple swing low levels and highs between 1 July and 4 July, as shown in the 2-hour chart below.

Based on the technical outlook, the WOLF price trades below the 50-day and 200-day SMA, with the $0.0147 and $0.0135 acting as immediate resistance keys. This suggests intense selling pressure in the landwolf market price. 

Moreover, the Relative Strength Index (RSI) remains suppressed below the 50-mean level. Currently, it has rebounded from the 30-oversold zone and sits at 36.  The fact that the RSI score is within the oversold zone does not automatically mean it will bounce back up immediately. If WOLF’s overall bearish sentiment persists, LandWolf will unlikely start trading against it without a strong catalyst.

On the other hand, a close look at the MACD(Moving Average Convergence Divergence) shows buyer momentum is dwindling, with the momentum indicator now crossing below the signal line. 

Landwolf Price Prediction

The WOLF price could recover if the bulls seize the opportunity to buy the dip. Nevertheless, only a candlestick close above the 50-day SMA at $0.0147 would render Landwolf ripe for buying.

In a highly bullish scenario, if the bulls flip the $0.0147 resistance into support, it would see the bulls target the $0.0198 technical barrier. Conversely, if the bears continue to dominate the WOLF price market, the price could retest the psychological level of $0.00933.

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