Dogwifhat (WIF) price has declined in recent days, nearly erasing earlier gains the meme coin had managed to secure.
The uncertainty among WIF holders and the broader market sentiment is driving the price lower. This is evident from the oscillating Funding Rate, reflecting investor hesitation.
The ADX indicates a strong bearish trend, currently above the critical 25.0 threshold, suggesting further downside momentum for WIF.
WIF is trading at $1.39, a 27% drawdown over the last seven days. The current market environment puts risk on the coin, with a potential drop to $1.24 or even $1.04 if support levels are lost.
However, if WIF rebounds from support, it could reclaim $2.01, invalidating the bearish outlook.
![Is dogwifhat [WIF] ready for a memecoin supercycle in Q4?](https://loutre.blockchair.io/w4/storage/news/2d065a81e30cf52ab74493b9ec97beaa.png){kind=small}
