Solana-based meme coin Dogwifhat (WIF) fell 7% in the last 24 hours, now trading at $3.54. He currently ranks as the second biggest loser of the day, behind Goatseus Maximus (GOAT), who fell 15% during the same period.
With increasing selling pressure and growing bearish sentiment, WIF risks further declines that could push its price below the $3 threshold.
dog hat Faces downward pressure
The evaluation of BeInCrypto on WIF/USD four-hour chart reveals the bearish bias against the altcoin. Negative reading about your Elder Radius The index indicates that bearish momentum is currently outweighing the bullish strength of market participants. As of this writing, the WIF’s Elder Ray Index stands at -0.22.
The Elder-Ray Index gauges the strength of upward and downward pressure in the market. When it falls below zero, it indicates that the bearish power has exceeded the bullish power, which means bearish momentum. This suggests that sellers are dominating the market, driving prices down. In such scenarios, traders interpret the negative value as a warning of a potential continuation of the downtrend or selling pressure.
Additionally, the WIF Relative Strength Index (ROI) indicates a decrease in buying pressure. The RSI, which assesses overbought and oversold conditions, ranges from 0 to 100. Readings above 70 signal that an asset is overbought and could face a correction, while values below 30 indicate that it is is oversold and could see a rebound.
Currently, WIF’s RSI is below the neutral 50 line at 44.80, reflecting weakening bullish momentum.
WIF Price Prediction: Prices Below $3 Could Be Within Reach
WIF is currently trading at $3.46hovering just above its $3.35 support level. If the current downtrend continues, the meme coin will likely test this support. A breakout to $3.35 could lead to a further decline to $3, with the possibility of a decline to $2.57 if selling pressure intensifies.
However, this bearish outlook could be reversed if WIF experiments an increase in new demand, which could push its price towards $4.19.
Disclaimer
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