Dogwifhat (WIF) is currently facing a critical support level at $1.47, with mounting bearish pressure potentially pushing the price lower. The cryptocurrency’s recent relative stability is now disrupted, increasing the risk of a significant price drop if this support level is breached. A successful defense could lead to a potential price reversal.
The technical indicators present a concerning picture for WIF. On the 4-hour chart, the price is consolidating just below the 100-day Simple Moving Average (SMA), with the signal line and SMA of the Composite Trend Oscillator falling below zero, suggesting strong bearish momentum. Similarly, the daily chart shows three bearish momentum candlesticks below the 100-day SMA, highlighting negative market sentiment.
If WIF breaks below the $1.47 mark, the price could decline further towards $0.7 and potentially $0.2. Conversely, a strong rebound at the $1.47 support level could see the price climbing to $2.10 and possibly $3.50 and beyond. Market data shows WIF trading near $1.61, with a recent 1.77% increase in price and a market capitalization exceeding $1.6 billion.
