The downward trend of DogWeHat (WIF) price and the skepticism among holders
DogWihat holders show skepticism
Recent days have seen a downward trend in the price of WIF, erasing the gains made earlier by the meme coin. The sentiment among investors and the market is mixed, leading to a potential fall in WIF prices.
Analysis of the daily chart shows a red trend in WIF prices, indicating that holders are facing increasing losses. This uncertainty among WIF holders is reflected in fluctuating financing rates, with no clear direction in the market.
With wavering funding rates, investors are hesitant to take bullish or bearish positions, leading to increased volatility as the market seeks stability.
WIF price forecast and potential new lows
Currently trading at $1.39, WIF has seen a 27% decrease in the past week, nearly wiping out a 51% gain from earlier in the month. The meme coin is now at risk of falling to $1.24, a crucial support level.
If WIF continues to decline, it may reach a five-month low at $1.04. However, if the coin rebounds from this level, it could potentially reclaim the $2.01 support and negate the bearish trend.
Implications of the ADX indicator and continued downward pressure
The Average Directional Index (ADX) suggests a strengthening bearish trend, with the indicator above the key level of 25.0. This indicates potential further declines in WIF prices.
Investors should be prepared for ongoing downward pressure, as the combination of uncertain holder sentiment and a bearish macro trend could lead to significant losses in the short term.
