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Dogwifhat (WIF) price has plummeted, dropping about 15% in the past 24 hours and falling below $1.60 for the first time in the past four months. The recent decline contributes to a 47% loss over the past 30 days, reflecting significant bearish momentum in the market, with many major meme cryptocurrencies down more than 10% in the past 24 hours.
The current downtrend shows no signs of stopping, with technical indicators signaling the possibility of further declines. If WIF falters, support at $1.32 could soon be tested; Loss of this level could push the price as low as $1.07. However, if market sentiment around meme cryptocurrencies improves, WIF could have a chance to test the $1.73 resistance and potentially climb closer to $2.20.
RSI of WIF dropped to the oversold zone
The Relative Strength Index (RSI) for dogwifhat fell to 17.8, marking a sharp move into oversold territory after remaining neutral from December 20 to January 7. RSI is a dynamic index popular force used to measure the speed and extent of price movement in the range from 0 to 100.
Values above 70 indicate overbought conditions and a possible correction, while values below 30 typically signal the possibility of a price recovery.
At the current level of 17.8, WIF’s RSI points to strong bearish momentum and heavy selling pressure in the market. Such a low RSI level suggests that the recent selling may have been overdone. This could facilitate a recovery if buyers enter the market.
However, the sharp decline also reflects weak sentiment, and without renewed acquisition interest, WIF prices could continue to consolidate or fall further in the short term.
Dogwifhat’s downtrend is increasing rapidly
WIF’s Average Directional Index (ADX) rose to 43.7, up sharply from 19.9 in just one day. ADX is a technical index used to measure trend strength, regardless of direction, on a scale of 0 to 100.
Values above 25 signal a strong trend, while below 20 indicate weak or no momentum. WIF’s rapid increase in ADX signals a significant strengthening of the current trend.
As WIF is currently in a downtrend, ADX at 43.7 emphasizes the growing dominance of bearish momentum.
This indicates increased selling pressure, and we can expect continued price declines unless buyers intervene to counter this negative trend.
WIF price prediction: Potential for another 30% reduction?
If the current downtrend for dogwifhat price continues, a test of the next key support at $1.32 could soon be possible. A break below this level could deepen the decline, pushing WIF to $1.07 — its lowest price since mid-August 2024. Such a move would represent a potential 30% correction. % from current level.
Conversely, if market sentiment around meme cryptocurrencies improves, WIF price could benefit from the renewed enthusiasm. In this case, the price could rise to test the resistance at $1.73. A successful break above this level could pave the way for further gains, with a target of $2.20.
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