WIF Market Analysis

• WIF has declined by 64.14% over the past thirty days.
• Amidst strong bearish sentiments, dogwifhat must hold above $0.61 or drop to a yearly low.

Since hitting a local high of $1.9 a month ago, dogwifhat (WIF) has traded in a descending trend. Over this period, the memecoin has formed lower highs and lower lows.

At the time of writing, dogwifhat was trading at $0.6153, marking a 7.33% decline in daily charts. The memecoin has also declined on weekly and monthly charts, dropping by 10.63% and 63.14%, respectively.

With these continued losses, WIF seems positioned for further breakdown if bearish dominance persists. Thus, the question remains: could WIF decline further, or are sellers exhausted?

Will dogwifhat’s Free Fall Continue?

According to AMBCrypto’s analysis, dogwifhat faces strong downward pressure with bears dominating the market. The recent bearish crossover on Stoch RSI confirms this, suggesting that downside momentum is strengthening. Consequently, losses are overshadowing recent gains.

The continued decline of +DI of DMI, while ADX remains relatively high, validates this downward pressure. The negative index has surged to 43.3, sitting above the positive index, which has dropped to 13. Such a configuration indicates strong downward momentum.

Further observation reveals that dogwifhat’s Delta has remained negative over the past few days. A negative delta implies selling pressure outweighs buying, signaling a possible continuation of this trend.

Additionally, dogwifhat’s Open Interest (OI) has dropped from $89 million to $67 million over the past week. This decrease suggests existing investors are closing positions while new investors are avoiding the market, reflecting strong bearish sentiment and lost confidence in market prospects.

What’s the Next Move for WIF?

With strong bearish sentiment prevailing, WIF is testing a critical support level around $0.61. For a bullish reversal, the memecoin must hold above this level. A breach below $0.61 will likely lead the asset down to $0.5 or $0.44, hitting a yearly low.