WIF Price Drops to 4-Month Low in Meme Coin Sell-Off
Dogwifhat (WIF) price has experienced a significant decline, falling around 15% in the past 24 hours, falling below $1.60 for the first time in four months. The latest drop adds 47% to losses over the past 30 days and reflects clear bearish momentum in the market, with several of the largest meme tokens down more than 10% in the past 24 hours.
The current downtrend shows no signs of abating, with technical indicators pointing to further downside potential. If WIF fails to stabilize, it could soon test support at $1.32, a loss of which could push it down to $1.07. However, if market sentiment surrounding the meme token improves, a reversal could occur, providing WIF with an opportunity to challenge the $1.73 resistance and potentially move back toward $2.2.
Wireless IF relative strength index Falling into the oversold zone
Relative Strength Index (RSI) dog wiffle hat It has plummeted to 17.8, marking a sharp move into 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 the possibility of a pullback, while values below 30 indicate oversold conditions and generally signal the possibility of a price rebound.
The current level is 17.8, WIF RSI Indicator The market is experiencing extremely bearish momentum and heavy selling pressure. Such a low RSI reading suggests that the recent sell-off may have been overdone. If buyers re-enter the market, this could set the stage for a recovery.
However, the sharp decline also reflects weak market sentiment, unless fresh buying interest emerges, WIF price may continue to consolidate Or it may fall further in the short term.
Dogwifhat Downtrend is rising rapidly
The WIF Average Directional Index (ADX) surged from 19.9 to 43.7 in just one day. ADX is a technical indicator that measures the strength of a trend, regardless of its direction, on a scale from 0 to 100.
Values above 25 indicate a strong trend, while values below 20 indicate weak or lack of momentum. The rapid growth of WIF ADX marks a significant intensification of the current trend.
Whereas WIF is currently on a downward trendADX is at 43.7, highlighting the increasing dominance of bearish momentum.
This indicates that selling pressure is intensifying and unless buyers step in to offset this negative trend, prices may fall further.
WIF price forecast: possible further adjustment of 30%?
If the downward trend continues Gouwei hat price If this continues, it could soon test the next key support level at $1.32. A break below this level could exacerbate the decline, pushing WIF down to $1.07, its lowest price since mid-August 2024. Such a move could mean a possible 30% retracement from current levels.
On the other hand, if market sentiment around memecoins improves, wireless price Can benefit from new enthusiasm. In this case, the price may rise to challenge the $1.73 resistance. A successful move above this level could pave the way for further gains with the next target at $2.2.
Disclaimer
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