There is a lot of bearish pressure on Dogwifhat (WIF) right now after it was rejected at the $2.13 support level. The price of the coin has gone down since this important event, which suggests that losses may continue. Analysts and investors are keeping a close eye on the situation because the failure to break through the $2.13 mark shows that there is a lot of selling pressure going on.
WIF has a market value of over $2 billion and trades worth more than $556 million every day. The price of the coin has dropped by 3.45% and is now trading at around $2.04. Even though the price has gone down, the market cap and trade volume have both grown by 0.44% and 30.66%.
Dogwifhat 4-Hour Downward Trend
On the 4-hour chart, technical analysis shows that WIF began a downward trend below the 100-day Simple Moving Average (SMA) after being rejected at $2.2. The Relative Strength Index (RSI) on this chart shows that the trend is still going down, as the warning line moves toward the 50% level. As long as WIF trades below the 100-SMA on the 1-day line, it is still going down. With the signal line acting below 50%, the RSI here also shows long-term bearishness.
If Dogwifhat keeps going down, $1.47 is an important level to keep an eye on for support. If this level stays stable, it could start a move up toward the $2.25 resistance level. If this level is broken, the price could test the $3.58 resistance mark and maybe even go higher. On the other hand, if it doesn’t stay stable at $1.47, it could fall even more, possibly to the $0.71 support level or even lower, if it’s broken.
