in short
WIF price has dropped 10% in the past 24 hours amid the broader bearish market.
The RSI is struggling in the bearish zone and has not been able to break out of the neutral line despite the recent gains.
The memecoin’s open interest dropped by $43 million in a day, confirming the pessimistic sentiment.
Dogwifhat (WIF) price has borne the brunt of the bearish signals triggered by Bitcoin’s recent drop below $60,000.
Traders’ tone changes quickly along with price, as evident in the massive retracement over the past 24 hours.
Dogwifhat lacks support
Volatility is an old friend of the cryptocurrency market, as is panic selling, even during minor declines. The correction in WIF’s price had a similar effect. Investors saw similar results with their investments as the meme coin dropped 10% in a day.
Open interest in the memecoin plummeted by $43 million in a single day. The drop highlights the growing pessimism among investors and traders about the coin’s future performance.
Adding to the bearish sentiment, the relative strength index (RSI) appears to be struggling in negative territory. Despite the recent recovery in WIF prices, the RSI has yet to break above its neutral line, suggesting continued weakness in the market.
The current position of this technical indicator, which typically measures market momentum and sentiment, reinforces the prevailing bearish outlook. If buying momentum remains as weak as it is now, recovery will become more difficult.
WIF Price Prediction: Still a Long Way to Go
Last week, WIF was priced at $1.64, a 51% gain in just 72 hours, half of which was lost over the weekend. Currently, the meme coin is looking to rebound from the next key support level at $1.52.
Reclaiming $1.83 is key to WIF’s price moving back toward the $2.01 resistance level. This price level has served as a key support level for the meme coin in the past. A similar outcome could help WIF jump to $2.36.
However, if WIF fails to secure support at $1.83, it could drop to $1.52 again. This time, the memecoin could see significantly larger outflows, which could make recovery difficult.
