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Dogwifhat (WIF) price has seen a significant correction, falling more than 70% from its all-time high, giving up most of the gains accumulated in 2024. Investor hopes were raised somewhat after the pullback on August 6, but the price was unable to sustain these levels. WIF is currently trading slightly above its low, showing weakness in the price action.
Technical analysis shows that Dogwifhat has bounced off the descending trendline three times. This makes the trendline and support at $1 a key demand zone for the token. If the price drops below these levels, Dogwifhat could hit a six-month low, which in turn could lead to a refresh of historically low values.
Investors are watching for further developments as Dogwifhat's future depends on the market's ability to break through these resistance levels and find new support.
