WIF at Risk of Crash? Dogwifhat Support Collapse

Share This Post

Dogwifhat (WIF)

The post WIF at Risk of Crash? Dogwifhat Support Collapse appeared first on Coinpedia Fintech News

Dogwifhat (WIF), the popular Solana-based meme coin has turned bearish as Bitcoin (BTC), the world’s largest cryptocurrency breached its crucial support level. Following this incident, the sentiment across the cryptocurrency landscape has significantly shifted towards a downtrend.

Dogwifhat Technical Analysis and Upcoming Levels

According to expert technical analysis, WIF has turned bearish as it breached its crucial support level of $2.10 and is about to close a daily candle below it. Based on recent price action and historical momentum, if the meme coin closes its daily candle below that support, there is a strong possibility of a significant 35% price decline in the coming days. 

Source: Trading View

Currently, WIF is trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating a downtrend. However, this bearish thesis will only hold if the meme coin closes its daily candle below the $1.97 level, otherwise, it may fail.

WIF’s Bearish Confirmation 

In addition to the technical analysis, on-chain metrics further support WIF’s negative outlook. According to the on-chain analytics firm Coinglass, the WIF long/short ratio currently stands at 0.88, indicating a strong bearish sentiment among traders. 

Source: Coinglass

Additionally, its open interest has dropped by 7.9% over the past 24 hours, indicating liquidation of traders’ positions as the price began to decline and traders hesitated to build new positions. 

However, the falling open interest and a long/short ratio below 1 indicate weak bearish sentiment, as traders hold short positions, but no significant new short positions are forming.

Current Price Momentum 

At press time, WIF is trading near $1.98 and has experienced a price decline of over 6.9% in the past 24 hours. During the same period, its trading volume increased by 13%, indicating traders’ and investors’ participation compared to the previous day.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Accumulation Resumes After 3 Months Of Distribution – Analyst

Bitcoin (BTC) continues to trade below the $85K level, fueling fears of further downside as the bearish trend remains intact Bulls are losing momentum, failing to reclaim key resistance levels and

BTCC Exchange Named Headline Sponsor of Red Eagle Foundation’s Charity Golf Day Featuring Matt Le Tissier

This content is provided by a sponsor PRESS RELEASE March 18, 2025 – BTCC, the world’s longest-serving crypto exchange, is proud to continue its support of the Red Eagle Foundation’s charity

Ethereum Price Prediction 2025, 2026 – 2030: Can ETH Price Hit $5k?

The post Ethereum Price Prediction 2025, 2026 – 2030: Can ETH Price Hit $5k appeared first on Coinpedia Fintech News Story Highlights The Ethereum price today is ETH price with a potential

Mubarak Meme Coin Skyrockets 200% in 48 Hours: Is This Rally Sustainable?

The post Mubarak Meme Coin Skyrockets 200% in 48 Hours: Is This Rally Sustainable appeared first on Coinpedia Fintech News MUBARAK coin has taken the crypto market by storm, skyrocketing 200% in just

Cato Institute Warns of Eroding Financial Privacy Rights Amid Fincen’s New Reporting Rules

The Cato Institute has criticized the Financial Crimes Enforcement Network (FinCEN)’s decision to lower the threshold for currency transaction reports from $10,000 to $200 for US citizens

Breaking: XRP, Polygon, and Cardano Selected for Skyren DAO’s Token Surge Event – Staking Rewards Up to 210% APY

The post Breaking: XRP, Polygon, and Cardano Selected for Skyren DAO’s Token Surge Event – Staking Rewards Up to 210% APY appeared first on Coinpedia Fintech News The DeFi world just got a major