The WIF Memecoin Could Hit $1 Next!
Cryptocurrency Analyst
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- WIF has dropped to new lows since November
- Dogwifhat has plummeted nearly 70% in the last two months and may approach $1 soon
The popular memecoin Dogwifhat [WIF] continues its downward spiral. This bearish trend began on December 10, as buyers failed to defend the critical $2.51 level, resulting in significant sell-offs and a decline in buyer confidence.
The poor performance of WIF is reflective of broader trends within the memecoin sector. Even Dogecoin [DOGE], the largest memecoin by market capitalization, is struggling to gain ground. However, for Dogwifhat, it’s not merely about recovering losses—it’s a fight for survival.
Pressure builds as WIF breaks November support after three weeks
Source: WIF/USDT TradingView
The price action illustrates an exceedingly weak position for WIF. Bulls were unable to maintain gains achieved during November’s rally alongside other cryptocurrencies in the market. In contrast, Dogecoin managed to fend off sellers at its 50% retracement mark; however, WIF’s bulls weren’t able to muster enough strength.
Selling pressure remained consistent over time. Just one month after the initial rally began, bears took control at the 78.6% level—a threshold that hasn’t even been tested since then.
In recent weeks, On-Balance Volume (OBV) has continued its downward trajectory and is approaching another low point. The Relative Strength Index (RSI) sits at 29.2—indicating oversold conditions—but does not imply that a price recovery is around the corner.
Moreover, sentiment analysis indicates predominantly bearish feelings among market participants since late November with a notable drop in Dogwifhat’s social media volume.
This highlights how trends indicate a loss of popularity for WIF while overall engagement across social media platforms remains unfavorable. Here’s an overview of WIF’s market cap compared to BTC.
This reflects our current understanding of its market cap situation.
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