The price of dogwifhat (WIF) has seen a sharp decline, falling around 15% in the last 24 hours and falling below $1.60 for the first time in four months. This recent decline comes on top of a 47% loss over the past 30 days, reflecting significant bearish momentum in the market, with several of the biggest meme coins falling more than 10% over the past 24 hours.
The current downtrend shows no signs of slowing, with technical indicators suggesting further downside risks. If WIF fails to stabilize, it could soon test support at $1.32, and losing this level could send it as low as $1.07. However, a reversal could occur if market sentiment around meme coins improves, providing WIF with an opportunity to challenge resistance levels at $1.73 and potentially rally towards $2.2.
Wi-Fi ROI Dropped in the oversold zone
The relative strength index (RSI) for dogwifhat plunged to 17.8, marking a sharp move into oversold territory after remaining neutral between December 20 and January 7. The RSI is a widely used momentum indicator that measures the speed and magnitude of price movements on a scale of 0 to 100.
Values above 70 indicate overbought conditions and potential pullback, while values below 30 suggest oversold conditions, often signaling the possibility of a price rebound.
At its current level of 17.8, WIF RSI indicates extreme bearish momentum and strong selling pressure in the market. Such a low RSI result suggests that the recent sell-off may have been exaggerated. This could potentially create the conditions for a recovery if buyers re-enter the market.
However, the sharp decline also reflects weak sentiment and, unless further buying interest emerges, WIF price could continue to consolidate or even decrease in the short term.
Downward trend Is rising rapidly
The WIF’s Average Directional Index (ADX) jumped to 43.7, up sharply from 19.9 in a single day. The ADX is a technical indicator for measuring the strength of a trend, regardless of its direction, on a scale of 0 to 100.
Values above 25 indicate a strong trend, while those below 20 suggest weak or absent momentum. The rapid increase in WIF’s ADX signals a significant strengthening of the current trend.
Given that WIF is currently in a downward trendthe ADX at 43.7 highlights the increasing dominance of bearish momentum.
This indicates that selling pressure is intensifying and further price declines could be expected unless buyers step in to counteract this negative trend.
WIF Price Prediction: A Potential Further Correction of 30%?
If the downward trend continues for what price for my dog continues, it could soon test its next critical support at $1.32. A break below this level could worsen the decline, sending WIF to $1.07 – its lowest price since mid-August 2024. Such a move would represent a potential 30% correction from current levels.
On the other hand, if market sentiment around meme coins improves, WIF Price could benefit from renewed enthusiasm. In such a case, the price could rise to challenge the resistance at $1.73. A successful break above this level could pave the way for further gains, with $2.2 as the next target.
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