Dogwifhat (WIF) Eyes 33% Rebound After 74% Drop
Key Takeaways
- The memecoin Dogwifhat (WIF) has lost approximately 74% of its value since January 2025.
- Technical indicators suggest a potential price recovery of up to 33%.
- Key support zones have held, indicating short-term upside potential.
- However, on-chain data still reflects an overall bearish sentiment among investors.
WIF Under Selling Pressure – But There Is Hope
Since reaching its yearly high of USD 2.22 on January 3, 2025, the price of Dogwifhat (WIF) has significantly declined. Currently, the price sits at around USD 0.57 – a drop of 74%. Over the past two months, the coin has been moving sideways, suggesting a phase of consolidation.
A look at the Realized Price – the average purchase price of all currently held coins – reveals that the current market price is well below it. This indicates that many investors are currently at a loss, which often leads to increased selling pressure.
MVRV Ratio Confirms Bearish Sentiment
The MVRV Ratio (Market Value to Realized Value) recently stood at 0.48. Values below 1 are considered a sign of negative market sentiment. On April 8, this value even reached a historic low of 0.22. This shows that many investors are holding their WIF coins at a loss, weakening confidence in the coin.
Technical Analysis: 33% Rally Possible
Despite the overall negative sentiment, there are signs of a short-term recovery. Three technical signals point to a potential price increase of around 33%:
- Range Formation: The price has been moving within a well-defined range for weeks. The midpoint of this range, around USD 0.54, was recently successfully tested as support. Such movements often indicate an upcoming upward move toward the upper boundary of the range.
- On-Balance Volume (OBV): The OBV measures buying and selling volume. Over the past two weeks, this indicator has risen and surpassed the highs from April. This shows that buying pressure is present – a positive sign for a potential recovery.
- Bitcoin Sentiment: Bitcoin is also showing short-term strength at the moment. Since many altcoins, especially memecoins, are heavily influenced by Bitcoin’s performance, WIF could benefit from this trend.
What Does This Mean for You?
If you’re focused on short-term trading and actively manage your positions, this could present a buying opportunity. The technical outlook suggests potential upside of around 33%. However, the long-term picture remains negative. On-chain data shows that many investors are underwater – a sign of continued selling pressure.
Our Assessment
Dogwifhat is in a critical phase. While bears dominate the long-term outlook, a short-term recovery is possible. The technical analysis shows clear signals of a potential upward move. If you’re looking for short-term opportunities, it may be worth closely watching the current price action. However, long-term investors should remain cautious.
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