Dogwifhat (WIF) price drops 11% – analysis
2024-12-19
Category: None

Dogwifhat (WIF) price reached its highest levels since March 2024 earlier this month, reflecting an astonishing 1386% gain for the year. However, WIF has faced a correction, declining roughly 11% in the last 24 hours as bearish signals intensify.

Momentum indicators like the Ichimoku Cloud and ADX show strong bearish trends, with sellers firmly in control of the market. Whether WIF can hold key support levels or recover enough strength to test resistance zones will define its short-term trajectory.

Since early December, the price action has consistently made lower highs and lower lows, with the latest movement showing an aggressive bearish drop.

ADX is currently at 47, up from 36 yesterday, signaling a strong and growing trend. However, with WIF in a downtrend, the rising ADX indicates strengthening bearish momentum. This suggests the downward movement is likely to continue, as sellers remain dominant in the market.

On the chart, EMA lines currently display a bearish configuration, with short-term EMAs positioned below long-term ones. This setup suggests continued downward pressure, and WIF is likely to test the support at $2.19.

If this level fails to hold, WIF price could decline further, potentially reaching $1.88 as the next significant support.

On the other hand, if WIF price manages to reverse its downtrend and regain positive momentum, it could challenge the resistance at $2.91. 

A successful breakout above this level could pave the way for further gains, with targets at $3.47 and possibly even $4 if the uptrend gains strength.