Every market cycle has its ups and downs – and the meme coin supercycle is turning out to be no different.

Market leaders like Dogecoin (DOGE) and Dogwifhat (WIF) are under pressure as investors take profits ahead of the Christmas holidays. Dogecoin is down 7.3% on the weekly chart, while Dogwifhat has sunk by 18.6%.

However, its not all doom and gloom, as a new presale meme coin called Crypto All-Stars could present an alternative opportunity for gains as it nears launch following its $21 million presale.

DOGE and WIF: Cause for Concern as Investors Fetch Profits

After the dizzying highs of the post-election bull run, crypto investors across the board are taking profits on their top-performing cryptos. For sellers, this means plenty of cash to spend on Christmas presents – but for HODLers, it’s becoming too bearish for comfort.

The price chart for Dogwifhat (WIF) provides one key example. This dog-themed meme coin has been a standout performer in 2024, but is now going into freefall after printing a double top and falling through a critical support line:

Analysts are also noting the significance of the WIF dip, with early sellers prompting others to follow suit:

SOLD all my $WIF

Rode it from $0.10 to $3.95 – what a journey with all of you!

Not buying back until it hits $1.30. Here’s why:

(1/6) pic.twitter.com/WJAnmcTUFM

— Malik (@tiny_malik) December 7, 2024

As we can see, bearish investor sentiment and weak price action can easily push crypto prices below pivotal support levels – and Dogecoin looks ready to go next:

Unlike WIF, DOGE has shown more staying power than many traders and investors might have expected. Despite running through a triple-top chart pattern, DOGE is managing to stay above its trend line support…at least for now.

Since the DOGE price has faile