dogwifhat

bullish

2024

Coin

<p><strong>dogwifhat (WIF)</strong>, a Solana-based memecoin, posted losses of 25% over last week. Despite Bitcoin’s bullish tone after hitting the $61k mark, <a href="https://www.thecoinrepublic.com/price-prediction/dogwifhat/">WIF</a> continued to trade under bearish influence. It continued to plot the red painting on the chart.</p> 
<p>As long-positioned holders kept selling their holdings, the memecoin continued encountering selling pressure. It remained at the top of the declining table.</p> 
<p>This inability to cross the $2 mark has led the memecoin to fall below the key moving averages. This opened the door toward the risk of a new 52-week low ahead.&nbsp;</p> 
<p>The token was heading towards its make-or-break pivot near $1.200, the lower trendline support.</p> 
<p>However, this correction may offer a golden opportunity for those who missed the initial dip. As the memecoin inched closer to the $1 mark and looked oversold, an ideal bounce could be seen soon.</p> 
<h2 class="wp-block-heading" id="h-dogwifhat-wif-looks-bearish-further-slippages-imminent"><strong>dogwifhat (WIF) Looks Bearish: Further Slippages Imminent?</strong></h2> 
<p>The daily chart reflected a sustained bearish rally, and the memecoin capped inside the falling channel. With the lower low formations, the token persisted in trading downwards. It lost over 60% of its gains in the past three months.</p> 
<p><strong>WIF </strong>was trading flat at $1.43 at press time. This was accompanied by a negative change of over 0.07% in the last 24 hours.</p> <iframe loading="lazy" title="Santiment Chart: Price (WIF), Volume (WIF)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bdogwifhat%3BWIF%5D%3B%5B1%3Bvolume_usd%3Bdogwifhat%3BWIF%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The token’s Relative Strength Index (RSI) remained in the oversold region, at 35, reflecting sustained selling pressure. @Traderkoala, in his tweet, projected that WIF reached its demand area and may find support there.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="qme" dir="ltr"><a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> <a href="https://t.co/ix95G2JOGi">pic.twitter.com/ix95G2JOGi</a></p>— Trader Koala (@trader_koala) <a href="https://twitter.com/trader_koala/status/1824485957917446313?ref_src=twsrc%5Etfw">August 16, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In the same manner, the MACD indicator plotted the red bars on the histogram and showed signs of underperformance.</p> 
<h2 class="wp-block-heading" id="h-social-dominance-and-sentiment-outlook"><strong>Social Dominance and Sentiment Outlook</strong></h2> 
<p>Amid the sustained bearish pressure, WIF investors remained cautious and negative belief for the memecoin. The Weighted sentiment curve fell below the zero line, reflecting a negative outlook.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (WIF), Social Dominance (WIF)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aave&amp;pt=AAVE&amp;df=2024-02-17T18%3A29%3A59.234Z&amp;dt=2024-08-17T18%3A29%3A59.234Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsentiment_volume_consumed_total%3Bdogwifhat%3BWIF%5D%3B%5B1%3Bsocial_dominance_total%3Bdogwifhat%3BWIF%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Moreover, the social dominance data went lower and approached the ground, noted at 0.09%. It conveyed a severe decline in the media buzz for the memecoin.</p> 
<p>The decline in open interest and the price drop hinted that long-term position holders indulged in covering their profits. They did not want to hold their gains due to uncertainty in the market, signaling a negative sentiment.</p> 
<p>Notably, the Futures OI shed over 1.20% to $188.17 Million, reflecting long unwinding activity in the past 24 hours.</p> 
<p>Moreover, the sharp surge in the liquidations means that the buyers are in tough situations and are trying to secure their gains.</p> 
<h2 class="wp-block-heading" id="h-total-liquidations-data-overview"><strong>Total Liquidations Data Overview</strong></h2> 
<p>Adding to the bearish outlook, there has been skewed liquidity in the futures market. Meanwhile, the longs were suffering heavily from bearish pressure.</p> 
<p>Over the last 24 hours, the long liquidations were noted at $315.32k, while the short liquidations were noted at $90.90k.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="278" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-1024x278.png" alt="Liquidation Data | Source: Coinglass" class="wp-image-669998" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-1024x278.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-300x82.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-768x209.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-696x189.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202-1068x290.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-202.png 1390w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidation Data | Source: Coinglass
 </figcaption>
</figure> 
<p>Such a huge amount of long positions being liquidated puts tremendous bearish pressure on <strong>WIF</strong>.</p> 
<p>If the token continues to trade with a bearish bias, it may break the immediate support zone of $1.30 and retest the next crucial support zone of $1.20. This would be followed by $1 in the short term.</p> 
<p>Conversely, if it takes support near the $1.38 mark, it may gain strength and reach the upside resistance mark of $1.70. The $2 mark would follow this.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/18/dogwifhat-wif-confronts-selling-pressure-can-it-push-through/">Dogwifhat (WIF) Confronts Selling Pressure: Can It Push Through?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Dogwifhat (WIF) Confronts Selling Pressure: Can It Push Through?

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