As bears gather steam, the WIF price is expected to plummet by 20%.
The price of Dogwifhat surpassed the $3.182 mark, which is a crucial daily support level.
A rescue rally in WIF price, spanning $3.152 to $2.888, might be possible to correct the imbalance.
To disprove the bearish argument, a daily candlestick close above $3.182 is required.
After falling below a critical support level at $3.182 on Friday, the price of Dogwifhat (WIF) signaled a gloomy prognosis. Before continuing its negative market rebound, the meme currency rooted in Solana might have a dead cat bounce.
A dead cat bounce is probable at that price, dogwifhat.
After falling below the $3.182 daily support level on Friday, the price of dogwifhat fell by 20%. In the midst of a general decline, this meme currency based on Solana might see a dead cat bounce, a sudden and steep price surge. A possible solution to the price discrepancy between $3.152 and $2.888 might be this relief rally. At about $3.014—the middle of this imbalance—WIF can encounter rejection if the market situation does not improve. A retest of the daily support level at $2.525 and a 16% drop might be in store if this happens.
The Relative Strength Index (RSI) is now hovering at 33.89, just over the oversold level of 30, lending credence to the idea of a possible upward surge followed by rejection. Because of this, it seems as if the negative pressure may momentarily subside, enabling a relief rally, before the WIF price goes back down again.
But a higher low on the daily chart, indicated by a WIF daily candlestick closing above the $3.182 level, would indicate a positive market structure. If this were to happen, the negative prediction would be rendered useless, and a possible 6% rally, with a daily high of $3.357 from June 7, might be set in motion.
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