The bearish side of dogwifhat is the dominant force in the memecoin market.
The average support level suggests that there could be a significant price increase in the coming weeks.
Dogwifhat [WIF] is under strong selling pressure in 2025. Since the high of $2.22 reached on January 3, this memecoin has lost 74% of its value. In fact, at the time of writing, it seems to be consolidating in a two-month range pattern.
Source: Glassnode
The current price of the memecoin is significantly lower than the realized price, as the chart above shows. WIF surpassed the realized price in November and December, but quickly dropped below that level in January. The realized price is the value of all coins at the last on-chain trading price.
The fact that the price is much lower than the realized price is a sign that holders may be under strong bearish pressure and could face significant losses.
Source: Glassnode
The MVRV ratio also emphasizes this point. The index is at 0.48 at the time of writing. Typically, values below 1 indicate bearish market sentiment. As the chart indicates, MVRV reached an all-time low of 0.22 on April 8.
In the long term, the bearish side of WIF is likely to continue to dominate. However, swing traders may profit from this upward trend setup.
Rechecking the average support level shows that WIF could rise by 33%.
Source: WIF/USDT on TradingView
Technical analysis reveals that the chances of a price increase could be quite high. There are three pieces of evidence supporting the idea of a 33% increase from the current market price of $0.574.
First is the range pattern (white). The midpoint support level of the range is $0.54, which was tested a few days ago, and WIF started to rise again. Typically, defending the midpoint level like this will be followed by a bullish move towards the range high.
The second point is the OBV trend over the past two weeks. OBV has climbed above the highs set in April, reflecting strong buying pressure over the past ten days. This increases the likelihood of a price surge.
The third point is the short-term uptrend of Bitcoin [BTC]. Although not as convincing as the previous two arguments, BTC often acts as a rising tide that lifts other coins. One of those coins could be dogwifhat.
Source: https://tintucbitcoin.com/tang-truong-vuot-bac-cua-wif-dot-pha-33-gia-tri/
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