The price of dogwifhat (WIF) has fallen by approximately 15% in the past 24 hours and is now below $1.60, its lowest level in four months. This decline adds to a 47% loss over the last 30 days, indicating a bearish trend in the market. Other meme coins have also dropped by more than 10% in the past day. Technical indicators suggest that the downtrend may continue, with potential support at $1.32 and a possible drop to $1.07 if that level is lost. However, if market sentiment improves for meme coins, there is a chance for WIF to challenge resistance levels at $1.73 and potentially rise back to $2.2. The Relative Strength Index (RSI) for WIF is at 17.8, indicating extreme bearish momentum and potential for a rebound. However, weak sentiment could continue to push the price down if buying interest does not return. The Average Directional Index (ADX) has risen sharply to 43.7, highlighting the strengthening bearish trend. This suggests that selling pressure is increasing, and further price declines could be expected unless buyers intervene. If the downtrend continues, the next critical support level for WIF is at $1.32, and breaking below this could lead to a 30% correction with a target price of $1.07. On the other hand, if market sentiment improves, WIF could see a breakout above resistance at $1.73 and potentially reach $2.2.



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