Dogwifhat (WIF) Struggles to Stay Above $1.50 With Rising Sell-Offs
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The value of Dogwifhat (WIF) has considerably fallen in the past few days, currently trading at $1.90, marking a 26% drop in the past week. Key technical indicators show rising selling pressure, putting the meme coin at risk of further decline.
WIF fell below its ascending channel on July 23, leading to a 24% price drop. This indicates that bulls have failed to defend the asset’s support level. Increased daily trading volume alongside the price drop confirms heightened selling activity.
Weighted sentiment for WIF is -0.19, highlighting bearish market sentiment. Indicators like Relative Strength Index (RSI) and Money Flow Index (MFI) also suggest significant selling pressure, with RSI at 38.24 and MFI at 32.47.
If the downtrend continues, WIF’s price may drop further to $1.48. However, a shift in market sentiment may result in the token trading above $2 at $2.28.
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