Dogwifhat (WIF) has experienced a 15.78% decline over the past week, currently trading at around $2.06. Analysts have noted a sweep of lows as WIF fell below its support level, with traders now eyeing a key demand zone between $1.60 and $1.80 for potential buying opportunities.
At the end of October, Bitcoin surged to nearly its all-time high of $73,000, sparking widespread rallies across the cryptocurrency market, particularly within the meme coin sector. Dogwifhat (WIF) was among the tokens gaining attention during this period. However, as November began, the bullish momentum started to fade.
Currently, WIF’s price hovers around $2.06, reflecting a 15.78% drop over the past week. Despite this decline, trading volume remains robust, with approximately $602 million traded, signaling continued interest from the market.
This price drop has caught the attention of the crypto community, including notable analyst George. He highlighted that WIF’s dip below the $2.15 support level—a move known as “sweeping lows”—could trigger stop-loss orders and further downward pressure as weaker positions are cleared.
Traders are now concentrating on a key “demand zone,” identified between $1.60 and $1.80, as a potential entry point for long positions. According to George, traders may look to capitalize on this zone, expecting a rebound if WIF approaches it.
Current Price Movement of Dogwifhat
As of this writing, WIF has slightly recovered to $2.08 after hitting an intraday low of $1.96. The token remains below the upper line of the Bollinger Bands, suggesting that an upward move could be possible if it can break through these resistance levels.
The MACD indicator is showing signs of potential bullish momentum, with its current value at -0.089, just above the signal line at -0.095. Additionally, the Relative Strength Index (RSI) indicates that WIF may be oversold, implying that a reversal could occur if buying pressure increases.
As Dogwifhat faces these market fluctuations, traders will closely monitor key support levels around $2, hoping for a potential rebound as the broader market continues to evolve.
