WIF Price Nosedives to Critical Support – $0.709 Key to Avoid Collapse

Andrew Chen
Dogwifhat (WIF)

Dogwifhat (WIF) is facing one of its worst sell-offs yet, tumbling 23% in the past 24 hours and dragging its weekly loss to 24%. Once a favorite among meme coin traders, WIF is now on the verge of collapse, with price action and technical signals flashing red. At the time of writing, WIF hovers just above the crucial $0.709 support level—any further slip could send the token spiraling toward May’s low of $0.523.

Investors Exit En Masse Amid Selling Frenzy

Investor sentiment around WIF has turned decisively bearish. According to CoinGlass, 15% of WIF holders recently sold off their tokens, a sign that conviction in the meme coin’s resilience is fading fast. This isn’t a minor correction—it’s a mass exodus.

Since May 28, selling pressure has intensified with each passing day, wiping out any chance of a meaningful rebound. Trading volume spiked 38.16% in the last 24 hours alone, signaling a rush to exit. With price collapsing alongside rising volume, the pattern is clear: investors are offloading WIF at every opportunity, unwilling to wait for a potential turnaround.

Key Support in Jeopardy as Oversold Signals Emerge

All eyes are now on the $0.709 support level. If WIF fails to hold this line, panic could set in, pushing the token down to its May low of $0.523. This level isn’t just technical—it’s psychological. A break below it could mark the start of a prolonged downturn.

However, technical indicators hint that the storm may be nearing exhaustion. The Money Flow Index (MFI) has plummeted to a staggering 4.09, indicating that selling liquidity is drying up. Meanwhile, the Relative Strength Index (RSI) has dropped to 19.9, placing WIF firmly in oversold territory. Historically, such extreme readings often precede relief rallies—if retail traders step in to stabilize the price.

The coming days will be crucial. If $0.709 holds and spot buyers re-enter, WIF could see a short-term bounce. But if it cracks, the fall may accelerate—and the meme coin may find itself in freefall.

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

Also Read: Dogwifhat (WIF) Price Prediction: Can $1.18 Resistance Hold Back the Rally?

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