Dogwifhat (WIF) Price Continues Downtrend While Bulls Eye $1.27 Resistance Level
- Dogwifhat (WIF) continues a sharp downtrend, losing value quickly.
- Price tests lower channel support near the key $0.350 level.
- Weekly RSI and MACD indicate strong ongoing bearish momentum.
- Upside targets exist, but risk remains below the $0.33 threshold.
Dogwifhat (WIF) keeps losing ground as its price moves steadily lower, extending its clear downtrend. The token has slumped by nearly 18.19% over the past 24 hours, signaling strong selling activity. Over the past week, WIF has also dropped 19.6%, showing that bearish sentiment still dominates with no early signs of recovery.
Right now, WIF is trading close to $0.3424 and has posted a 24-hour trading volume of $270.97 million, slipping 55.61% as overall activity slows. Its market cap has also fallen to $343.08 million, marking an 18.32% decline. The continued slide points to fading interest and ongoing weakness across the wider market.
Also Read: Dogwifhat (WIF) rebounds after dip, eyes $1.27 as next target
Key Support Tested as Descending Channel Persists
The current price is $0.3413, which is just below the key support area near $0.350. Crypto analyst @JohncyCrypto notes that WIF is testing the lower boundary of the descending channel with strong conviction. Since May, the market has been moving downward within this exchange range. Every attempt to move up towards the top trendline faces selling pressure, thereby sustaining the downward movement.
The region around $0.350 serves as support, aligning with the bottom part of the downward channel. This serves as a buying region, and if bullish signals emerge, this can be an optimal buying time. The presence of price at the support level indicates that there may be a bounce, as seen in the price chart. This supports what @JohncyCrypto indicates, that there may be a rebound at the lower part of the downward channel.
Upside targets for Dogwifhat are set at $0.50, $0.70, $1.00, and $1.27. Risk remains, as a drop below $0.33 would invalidate this entry zone. One has to set their stop-loss levels below support and wait for a clear bullish chart at $0.350 before making any purchase, and one must remain bearish until a long and strong breakout above the upper channel at $0.70.
Technical Indicators Confirm Bearish Pressure
The weekly RSI is at 34.27, well below its companion line at 42.00, which indicates that sellers remain in control. It’s close to the oversold region, and buyers haven’t shown any meaningful strength yet. Unless the RSI climbs back above the mid-40s, momentum is likely to remain bearish.
The MACD is still bearish. The MACD line is at -0.15386, while the signal line is at -0.11972 and is below zero. The histogram is at -0.03414 and has red bars, indicating constant pressure downward. The difference is widening and, at this juncture, does not portend any reversal to the upside.
Also Read: Dogwifhat Breakout Explodes, Could Soar Past $1.80 Soon
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