Dogwifhat (WIF), a meme coin on the Solana network, has seen a 7% drop in the last 24 hours, trading at $3.54. It's the second-largest loser for the day after Goatseus Maximus (GOAT), which fell 15%.
The bearish sentiment around WIF is increasing, putting its price at risk of falling below the $3 mark due to sustained selling pressure.
An analysis of the WIF/USD four-hour chart reveals a bearish bias, with the Elder Ray Index showing negative reading at -0.22, indicating that sellers are overpowering buyers. This suggests potential continued downtrends amidst bearish momentum.
Moreover, WIF's Relative Strength Index (RSI) is below the neutral 50 at 44.80, reflecting weakened buying pressure.
Currently trading at $3.46, just above the support level of $3.35, WIF may test this support if the downtrend continues. A break at $3.35 could lead to further decline to $3, or $2.57 if selling pressure intensifies.
However, a potential surge in new demand could reverses the bearish outlook, pushing prices upward towards $4.19.
