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WIF Prices Drop 15% – Will the Plunge Continue?

by xyonent
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DogwifHat (WIF), the once-popular meme coin featuring a Shiba Inu dog wearing a fashionable knit cap, is getting caught up in the hot dog wave. After a surge earlier this year, WIF Downward spiral, It has been trapped inside a descending channel since late May. Analysts are closely watching the dog cryptocurrency as it approaches a critical support level leaving its future in a tug of war between bulls and bears.

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Price Ladder Drop: A Sign of Weakness?

Technical analysis paints a shaky picture for WIF. A descending channel pattern featuring lower highs and lower lows indicates continued selling pressure. Prices have plummeted by 30% since the end of May and are currently hovering around the crucial $2.44 level. According to data from Coingecko, WIF has lost 15% in value in the last week.

WIF price has fallen in the past 24 hours. Source: Coin Gecko

This level is a make-or-break point for WIF. If bulls, i.e. optimistic investors who expect the price to rise, fail to defend this support line, the price could fall further and reach a new low of $1.93.

Technological slump

Adding fuel to the bears is the Aroon Down indicator, a technical tool used to gauge the strength of a downtrend. WIF’s Aroon Down line is at 100%, indicating a downtrend not far from the recent lows. This suggests that selling pressure is overwhelmed any potential buying activity among WIF holders.

The total cryptocurrency market cap is currently $2.3 trillion. Chart: Trading View

Can the Bulls rise to the occasion?

A ray of hope remains for WIF followers: if bulls can hold the current support levels, the price could bounce back towards the resistance at $2.70. Though this would be a temporary reprieve, it could provide an opportunity for the meme coin to regain momentum and break out of the descending channel.

However, a breakthrough from support would be devastating and could set off a domino effect as investors lose confidence and flee the market, sending WIF plummeting.

WIF Price Prediction

sauce: Coin Code

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Meanwhile, Dogwifhat’s current technical analysis shows that: Weak feelings, Despite bullish price predictions of a 225% increase to $7.87 by July 15, 2024, the fear and greed index is at 74, suggesting high greed and that it may be overvalued. In the past 30 days, Dogwifhat has recorded 30% green days and a price volatility of 11.82%, reflecting significant price fluctuations.

Despite optimistic forecasts, high volatility and current greedy sentiment indicate potential risks, so until market conditions stabilize or additional positive indicators emerge, it may not be the best time to buy Dogwifhat.

Featured image from Reducetress, chart from TradingView

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