Journalist
Posted:
- Wif has fallen by 64.14% for the past thirty days.
- In the midst of strong bearish sentiments, Dogwifhat has to maintain above $ 0.61 or fall to an annual low.
Since he had hit a local highlight of $ 1.9 a month ago, Dogwifhatt [WIF] has traded a falling trend. During this period, the memecoin forms lower highlights and lower lows.
At the time of writing, Dogwifhat even acted at $ 0.6153. This meant a decrease of 7.33% in daily graphs.
Similarly, the memecoin has decreased on weekly and monthly graphs, with 10.63% and 63.14% respectively.
With these continuous losses, WIF seems to place a further breakdown if Bears continue to dominate the market. So the question is that Wif can fall further, or are the sellers exhausted?
Will the free fall of Dogwifhatt continue?
According to the analysis of Ambcrypto, Dogwifhat is experiencing a strong downward pressure, with bears that dominate the market.
The recent Bearish crossover on Stoch RSI confirms this downward pressure. The Bearish crossover of the Memecoin suggests that the Neerwaartse Momentum reinforces.
As a result, it actively makes more losses than recent profit.
Source: TradingView
The continuous decline of +DI from DMI, while ADX remains relatively high, the downward pressure continues.
The negative index has risen to 43.3 and is now above the positive index, which has fallen to 13.
When the directional movement index is set up in this way, it indicates a strong downward momentum.
Source: Mobchart
If we look further, we can see this Bearish dominance because the Delta van Dogwifhat has remained negative in recent days.
When the Delta becomes negative, this implies that the sales pressure outweighs the buying, which indicates the possible continuation of this trend.
Source: Santiment
In addition, Dogwifhat’s Open Interest (OI) per stock market has fallen from $ 89 million to $ 67 million in the past week.
A decrease in the OI suggests that existing investors close their positions, while new investors avoid the market.
This reflects a strong bearish sentiment, indicating that investors have lost confidence in market perspectives.
What is the next step for WIF?
With a strong bearish sentiment on the market, WIF tests an important support level of around $ 0.61. That is why the memecoin for a bullish reversal must retain above $ 0.61.
Consequently, an infringement below this level will fall the Dogwifhat to $ 0.5 or $ 0.44 that reaches an annual layer.