Dogwifhat (WIF) has taken a severe hit, with no clear signs of recovery in sight. After peaking at $1.90 last month, the meme coin has plunged to $0.6153, marking a staggering 64% loss in just four weeks. The pain continues, with a 7.33% decline on daily charts, while weekly and monthly losses stand at 10.63% and 63.14%, respectively. With the market firmly in bearish control, WIF’s outlook remains bleak unless bulls take action soon to halt the downtrend.
dogwifhat dips 64% in a month: Can bulls stop the downtrend?https://t.co/3UWxG6cuUQ
— John Morgan (@johnmorganFL) February 18, 2025
Bearish Technical Indicators Signal More Pain Ahead
WIF’s technical indicators suggest further downside potential. The Stochastic RSI recently confirmed a bearish crossover, signaling an acceleration of downward momentum. The price action continues to form lower highs and lower lows, reinforcing sellers’ dominance in the market.
The Directional Movement Index (DMI) paints an equally grim picture. The negative index has surged to 43.3, significantly outpacing the positive index at 13. This setup typically indicates strong selling pressure, leaving buyers with little opportunity to regain control. Additionally, a strong Average Directional Index (ADX) reading confirms the prevailing bearish trend, offering no immediate relief.
Critical Support Levels in Jeopardy
WIF’s Open Interest has plummeted across exchanges, falling from $89 million to $67 million in just a week. This sharp decline suggests that traders are closing positions while new investors remain hesitant to enter the market. Without fresh demand, any potential recovery remains weak.
Currently, Dogwifhat hovers around a crucial support level near $0.61. If bulls can defend this mark, there may be a chance for stabilization. However, a decisive break below this level could trigger a deeper sell-off, potentially pushing WIF toward $0.50 or even $0.44—marking new yearly lows.
Also Read: Dogwifhat (WIF) Price Struggles: Whales Accumulate as Spot Traders Sell—Is a Rebound Coming?
The Road Ahead: Will Bulls Defend Key Levels?
The next few days will be crucial for WIF’s trajectory. Bulls must step in to defend support levels and restore investor confidence. If they fail, the bearish trend may continue, leading to even greater losses. With market sentiment still favoring sellers, WIF’s fate hangs in the balance.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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