Will Dogwifhat (WIF) Reclaim Its Bullish Trend?

• Dogwifhat trades at $2.96, over the last 24 hours.
• The meme coin’s daily trading volume has dropped by over 41%.

The volatile crypto market has pulled back Bitcoin, to its previous low. While, Ethereum, is suffering at the $3.7K mark. Consequently, the altcoin momentum has been dragged down. Notably, a Solana-based meme coin, Dogwifhat (WIF) registered a moderate gain of 3.27% over the last 24 hours.

At press time, WIF trades at $2.96, with its market cap positioned at $2.96 billion. The meme coin opened the day trading at $2.87. The bears chose to rule the day and the lowest price was observed at $2.66. As the bear wind weakened, it visited the daily high at $2.98.

Moreover, the market has observed a $4.48 million Dogwifhat liquidation, as per Coinglass data. Also, the meme coin’s daily trading volume likely stays at $971 million.

The meme coin has lost over 11% over the past seven days and began trading at $3.34. But the asset has managed to trade at $4, in the midweek.

A whale transferred 1.2 million WIF tokens, worth $3.47 million, to Coinbase. This whale had purchased the tokens 11 months ago for $393,000, which estimated a profit of over $3 million.

Will WIF Continue to Decline?

The meme coin’s four-hour price diagram suggests the downside momentum. WIF’s ongoing negative sentiment might push the price below its current trading mark and likely bring in a retest. The meme coin could move to the downside, toward the $2.67 support zone.

On the upside, if WIF reclaimed its lost momentum, it could lead the price to a high of $3.34. In case the meme coin sees further gains, it may exceed this mark and aim to breach its all-time high at $4.85.

WIF’s technical analysis has inferred the active bearish momentum. Notably, the Moving Average Convergence Divergence (MACD) line resides below the signal line, which suggests the asset’s selling pressure and the incoming bear run.

WIF chart (Source: TradingView)

It’s crucial to observe the Chaikin Money Flow (CMF) indicator, which is settled at -0.02, suggesting the decreased money flow, with sellers on the dominant side of the market. Meanwhile, Dogwifhat’s daily trading volume has decreased by over 41.20%.

Besides, the in-progress market sentiment of the meme coin is in neutral to slightly oversold territory, with the daily relative strength index (RSI) positioned at 39. The 24-hour window of Dogwifhat has revealed the short-term 9-day moving average below the long-term 21-day moving average.

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