WIF Falls 24%, Nears Key Support Amid Weak Confidence
Summary at a Glance
The memecoin dogwifhat (WIF) has lost 24% of its value within a week. The price is currently approaching a key support level at USD 0.709. If this level is breached, a drop back to the monthly low of USD 0.523 is likely. Technical indicators such as the Relative Strength Index (RSI) and the Money Flow Index (MFI) suggest that the market is oversold. A rebound is possible, but not guaranteed.
Significant Increase in Selling Pressure
WIF is currently among the weakest-performing memecoins on the market. Within just seven days, its price has dropped by 24%. In the past 24 hours alone, the loss was 23%. At the same time, trading volume has increased by 38.16% — a clear sign of intensified selling activity.
Data from the analytics platform CoinGlass shows that approximately 15% of investors are actively betting against WIF. Since May 28, investors have been steadily pulling out. This trend indicates a declining confidence in the short-term price outlook.
Last Support at USD 0.709
The price of WIF is approaching a critical technical level: USD 0.709. This mark represents the last visible support before a potential drop to the monthly low of USD 0.523 — a level last seen on May 6.
Whether the support holds largely depends on the overall market sentiment. If selling pressure eases and buyers return, the price could stabilize in the short term. Otherwise, a further decline is likely.
Technical Indicators Signal Oversold Conditions
Two key technical indicators support the hope for a potential reversal:
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- Money Flow Index (MFI): The MFI measures capital inflows and outflows. A value below 20 is considered oversold. Currently, the MFI stands at just 4.09 — a clear sign of an oversold market.
- Relative Strength Index (RSI): This indicator evaluates the strength of price movements. Values below 30 indicate oversold conditions. The RSI is currently at 19.9.
Both values suggest that many market participants have already sold their positions. In the past, such phases were often followed by short-term recoveries.
What Does This Mean for You?
If you are invested in WIF or considering entering the market, you should closely monitor the USD 0.709 support level. If it holds, a short-term opportunity may arise. If it breaks, further losses are expected. While technical indicators point to a possible recovery, the risk remains high without clear buying signals.
Our Assessment
WIF is currently under significant selling pressure. The last technical support at USD 0.709 could determine the short-term direction. Technically, the coin is oversold, which leaves room for a rebound. However, without a clear trend reversal, caution is advised. Those already invested should monitor closely. New investors should wait to see if the price stabilizes.
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