Dogwifhat (WIF), the fourth-largest memecoin, is close to undoing its post-crash recovery. WIF has fallen by 30% from its recent peak, now at $1.36. This decline mirrors other memecoins like DOGE and SHIB. WIF has seen larger losses over weekly and monthly periods compared to DOGE and SHIB. Despite a strong year-to-date performance, WIF's recent correction is linked to excessive bullishness in the futures market. Long liquidations surpass short liquidations, indicating over-leveraged positions. The price decline triggered margin calls, leading to forced selling and a 30% drop. WIF's downside risks persist as it forms a head-and-shoulders pattern, suggesting a potential 48% decline. Breaking below $1.46 could lead to further downside, while reclaiming key levels may invalidate the pattern. This analysis does not offer investment advice, emphasizing the importance of individual research before making financial decisions. Read more AI-generated news on: https://app.chaingpt.org/news