- The price of Dogwifhat continued to fall in the midst of analysts for further downward risk.
- Controverse about a delayed Las Vegas advertising campaign added to the growing market uncertainty of WIF.
Dogwifhat [WIF] Recently made waves on the market, but not in the way many hoped. After a sharp fall of 19% in just 24 hours, the concerns about the short -term process have reached a fever.
Analyst Ali Martinez added fuel to the fire and recently tweeted a prediction that suggests that WIF could be on its way on further losses, which may drop to $ 0.51 due to a bearish flag pattern.
Source: Coinmarketcap
In the meantime, the Memecoin has also been Dealing with controversy Around a crowdfunded advertising campaign in the Las Vegas Sphere.
Despite claims from the Dogwifhat team about continuous negotiations for the high-tech advertisement, a representative of the location denied such an agreement, so that the community further frustrated.
Is this a shopping option with the market in turmoil and WIF that is confronted with considerable sales pressure, or is the worst to come?
A bearish flag forecast
Analyst Ali Martinez’s Last forecast Be at a classic bearish flag formation on Wif’s graph.
After a steep fall of 19%, WIF consolidated in a tight range and formed a rectangular pattern – a characteristic of a potential continuation to the downside.
The resistance level around $ 0.78 has repeatedly closed price action, while the support fluctuated almost $ 0.70.
Source: X
If this pattern takes place, the projected breakdown Dogwifhat could float to Martinez’s target of $ 0.51, in line with the measured Move principle of flag patterns.
However, a decisive outbreak over resistance can make this set -up invalid, making the next step crucial for traders who view the WIF process.
More disadvantage or a possible rebound?
Wif continued his downward spiral and acted at $ 0.774 at the time of the press – with a daily decrease of 9.88%. The RSI has fallen to 23.50, deep in the sold -up area, which indicates an extremely bearish Momentum.
Historically, such low RSI levels suggest the potential for a short-term storage, but persistent sales pressure could extend the downward trend.
The MACD remained strong Bearish, with the signal line far above the MacD line, which enhances the negative momentum. Moreover, the histogram staves continued to expand in the red, which did not show immediate signs of a bullish reversal.
Source: TradingView
Realistic or not, here is the market capitalization of WIF in the conditions of BTC
Immediate support was around $ 0.70, one of which could validate the $ 0.51 goal. At the top the resistance was $ 0.86, with a decisive break above it needed to indicate a recovery.
Although over -sold circumstances indicate a possible reliefally, the wider trend bearish continues unless buying volume increases considerably.
