Dogwifhat (WIF) Nears Critical Support – 25% Plunge Incoming or Bullish Reversal?

WIF teeters on a razor’s edge—lose this level, and it’s a freefall to 25% losses. Memecoins: where ’fundamentals’ are just vibes and hopium.

Key levels to watch: The $0.50 zone now acts as make-or-break support. Break below, and panic selling could accelerate. Hold, and the degens might just FOMO back in.

Crypto’s favorite casino game continues—place your bets, but maybe keep an exit strategy sharper than your average ’wen lambo’ tweet.

Dogwifhat (WIF) price action & technical analysis

According to AMBCrypto’s analysis, WIF is currently at a make-or-break level. The daily chart revealed that if the prevailing market sentiment remains unchanged and the memecoin fails to hold its key support level of $0.545, it could shift WIF back towards the bearish side.

Source: TradingView

If WIF’s price breaches and closes a daily candle below the $0.545-level, it could drop by 25%, potentially hitting the $0.41-level in the coming days.

On the other hand, if the memecoin holds this support and stays above the $0.545-level, it still has a chance to gain upside momentum in the coming days.

At the time of writing, WIF’s Chaikin Money Flow (CMF) indicator was in positive territory, with a value of at +0.04. This alluded to strong buying pressure in the asset. However, this will only hold if the memecoin remains above the support level.

Bearish on-chain metrics

Despite the crypto’s unclear price action, on-chain analytics firm Coinglass seemed to be flashing a bearish signal. This indicated that WIF’s price may decline in the coming days.

At press time, WIF’s Open Interest (OI)-weighted funding rate stood near -0.00103%, indicating strong bearish sentiment as more traders seemed to be betting against the memecoin.

Source: Coinglass

This bearish outlook can be further confirmed by WIF’s long/short ratio, with the same having a value of 0.944. This reading signaled a dominance of short positions.

Additional data highlighted that 51.44% of WIF traders globally were positioned short, while 48.56% were on the long side.

Source: Coinglass

This metric clearly highlighted that traders’ outlook for the WIF memecoin is bearish, and it could soon record a price decline on the charts.