Dogwifhat (WIF) recently broke below the lower line of its ascending channel on July 3, leading to a price decline below a resistance level held since June's end. The asset has been moving within a horizontal channel since then, with $2.06 as the new resistance and $1.59 as the support level. This consolidation indicates a balance between buying and selling pressures, as shown by the Moving Average Convergence Divergence (MACD) indicator. The meme coin's MACD and signal lines have been crossing back and forth since July 7, suggesting a lack of strong directional movement. Despite uncertainty about WIF's future price direction, a bearish bias persists, with a weighted sentiment of -0.74. If market sentiment turns positive, WIF's price could break above the upper line of the horizontal channel. This analysis serves for informational purposes only and does not constitute financial advice. Read more AI-generated news on: https://app.chaingpt.org/news