Alarm bells are ringing for Dogwifhat (WIF)!

#Dogwifhat ($WIF ) reached its highest level since March 2024, showing a 1386 percent performance throughout the year. However, while the WIF price has decreased by approximately 11 percent in the last 24 hours, bearish signals in the market are getting stronger.

The Ichimoku Cloud and ADX, which are momentum indicators, show that the market is in a downtrend.

WIF's Ichimoku Cloud chart shows a downtrend, with the price falling below both the Kumo cloud and all Ichimoku components. The conversion line (blue) has crossed below the base line (red), creating a bearish signal. On the other hand, the lag range (green) has fallen below the current price, indicating selling pressure.

WIF's exponential moving average (EMA) lines reveal a bearish trend in which short-term EMAs remain below long-term ones. This structure indicates that downward pressure on the price will continue. With downward pressure, Dogwifhat is likely to test the support at $2.19. If this support level is broken, the price is likely to pull back to $1.88.

On the other hand, if Dogwifhat price manages to break the downtrend, the price may test the resistance at $2.91. If this level is maintained, a move towards the $3 band can be expected.

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