Why the WIF Meme Coin Price May Drop Below $3
Solana-based meme token Dogwifhat (WIF) has fallen 7% in the past 24 hours and is currently trading at $3.54. It’s currently the day’s second-biggest loser, behind Goatseus Maximus (GOAT), which has plunged 15% over the same period.
As selling pressure builds and bearish sentiment intensifies, WIF faces the risk of further declines, which could lead to its price falling below the $3 mark.
dovivhat Facing bearish pressure
Evaluation of BeInCrypto WIF/USD four-hour chart Bearish bias towards altcoins revealed. Negative interpretation of elders ray Indexes indicate that bearish momentum currently outweighs bullish momentum among market participants. As of this writing, WIF’s Geriatric Ray Index is -0.22.
The Elder-Ray Index assesses the strength of bullish and bearish pressure in the market. When it falls below zero, it indicates that the power of the bears has exceeded the power of the bulls, implying bearish momentum. This shows that sellers are dominating the market and driving prices down. In this case, traders interpret negative values as a warning of a potential continuing downward trend or selling pressure.
Additionally, WIF’s Relative Strength Index (relative strength index) indicates a decrease in buying pressure. RSI measures overbought and oversold conditions and ranges from 0 to 100. A reading above 70 indicates an asset is overbought and may be facing a correction, while a reading below 30 indicates an asset is oversold and may be due for a rebound.
Currently, WIF’s RSI sits below the 50 neutral line at 44.80, reflecting diminishing bullish momentum.
WIF Price Prediction: Sub-$3 May Be Coming
WIF is currently trading at $3.46hovering above the $3.35 support. If the current downtrend continues, memecoin may test this support level. A break above $3.35 could lead to further declines to $3, with a drop to $2.57 possible if selling pressure intensifies.
However, this pessimistic outlook May be reversed if WIF goes through A surge in new demand could push its price to $4.19.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
