In the past 24 hours, the Solana-based meme coin Dogwifhat (WIF) has seen a price drop of 7%, with the current trading price at $3.46, making it the second-largest drop of the day, only behind Goatseus Maximus (GOAT), which has seen a drop of 15% in the same period.
Currently, with increasing selling pressure and heightened bearish sentiment, WIF faces a risk of further decline, and its price is likely to be pushed below $3.
Dogwifhat faces bearish pressure
BeInCrypto's evaluation of the WIF/USD four-hour chart shows a bearish tendency, with WIF's Elder Ray index at -0.22, indicating that bearish momentum outweighs bullish strength, suggesting that sellers dominate the market and drive prices down. Traders may view this negative value as a warning of a downward trend or selling pressure.
Additionally, WIF's Relative Strength Index (RSI) is at 44.80, below the neutral line of 50, indicating a decrease in buying pressure and weakening bullish momentum.
WIF Price Prediction
WIF's current price is around $3.48, just slightly above its support level of $3.35. If the current downward trend continues, this meme coin is very likely to test this support level. If it falls below $3.35, the price could further decline to $3, and if selling pressure intensifies, it may even drop to $2.57.
However, if there is a sudden significant increase in demand for WIF, the current bearish outlook may reverse, potentially pushing its price up to $4.19.
