WIF Price Sinks to 4-Month Low Amid Broader Meme Coin Market Correction

dogwifhat (WIF) price has experienced a sharp decline, falling roughly 15% in the last 24 hours and dropping below $1.60 for the first time in four months. This recent dip adds to a 47% loss over the past 30 days, reflecting significant bearish momentum in the market, with multiple of the biggest meme coins dropping more than 10% in the last 24 hours.

The current downtrend shows no signs of abating, with technical indicators suggesting further potential downside. If WIF fails to stabilize, it may soon test the support at $1.32, and losing that level could push it as low as $1.07. However, a reversal could occur if market sentiment around meme coins improves, providing WIF an opportunity to challenge resistance levels at $1.73 and potentially climb back toward $2.2.

WIF RSI Dropped to Oversold Zone

The Relative Strength Index (RSI) for dogwifhat has plunged to 17.8, marking a sharp move into the oversold territory after remaining neutral between December 20 and January 7. RSI is a widely used momentum indicator that measures the speed and magnitude of price movements on a scale of 0 to 100.

Values above 70 indicate overbought conditions and a potential for a pullback, while values below 30 suggest oversold conditions, often signaling the possibility of a price rebound.

WIF RSI. Source: TradingView

At its current level of 17.8, WIF RSI indicates extreme bearish momentum and heavy selling pressure in the market. Such a low RSI reading suggests that the recent sell-off may have been overdone. That could potentially create conditions for a recovery if buyers re-enter the market.

However, the steep decline also reflects weak sentiment, and unless renewed buying interest emerges, WIF price may continue to consolidate or decline further in the short term.

Dogwifhat Downtrend Is Rising Fast

WIF Average Directional Index (ADX) has surged to 43.7, rising sharply from 19.9 in just one day. The ADX is a technical indicator used to measure the strength of a trend, regardless of its direction, on a scale from 0 to 100.

Values above 25 indicate a strong trend, while those below 20 suggest weak or absent momentum. The rapid increase in WIF’s ADX signals a significant strengthening of the current trend.

WIF ADX. Source: TradingView

Given that WIF is currently in a downtrend, the ADX at 43.7 highlights the growing dominance of bearish momentum.

This indicates that selling pressure is intensifying, and further price declines could be expected unless buyers step in to counteract this negative trend.

WIF Price Prediction: A Potential 30% Further Correction?

If the ongoing downtrend for dogwifhat price continues, it may soon test its next critical support at $1.32. A break below this level could deepen the decline, driving WIF down to $1.07 — its lowest price since mid-August 2024. Such a move would represent a potential 30% correction from current levels.

WIF Price Analysis. Source: TradingView

On the other hand, if the market sentiment around meme coins improves, WIF price could benefit from renewed enthusiasm. In such a case, the price might rise to challenge the resistance at $1.73. A successful breakout above this level could pave the way for further gains, with $2.2 as the next target.

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