#dogwifhat ($WIF ) continues its steep descent, losing 24% over the past week as bearish momentum intensifies and investor sentiment deteriorates.
The meme token has seen a sharp 23% drop in the last 24 hours alone, adding to growing concerns among holders. The sell-off is not occurring in isolation—trading volume has spiked by over 38%, indicating a significant uptick in distribution. With WIF now hovering just above $0.709, market participants are watching closely to see if this final support level can withstand the pressure, or if a retest of the May low at $0.523 is imminent.
Investor Sentiment Turns Bearish
Market behavior suggests confidence in WIF is rapidly fading. According to a CoinGlass investor poll, 15% of holders have chosen to exit their positions—an indication of a broader exodus rather than isolated profit-taking. Since May 28, sell pressure has steadily increased, reflecting a deepening lack of conviction.
This surge in volume, paired with a rapid decline in price, is often a strong signal of capitulation. Sellers appear to be using any minor price bounces as exit opportunities, accelerating the downward momentum.
Oversold Indicators Signal Possible Reprieve
Despite the bearish technical structure, there are indications that WIF may be nearing a short-term bottom. Two critical momentum indicators—the Relative Strength Index (RSI) and the Money Flow Index (MFI)—are flashing oversold signals.
The RSI currently stands at 19.9, while the MFI has dropped to an extreme low of 4.09, suggesting that selling may be reaching exhaustion. Historically, such deeply oversold conditions often precede short-term relief rallies, particularly if buying interest emerges at key support levels.
Crucial Level for Short-Term Direction
The $0.709 level represents more than just technical support—it’s a psychological threshold. Should this level hold, a modest recovery led by retail traders may develop. However, a decisive break below could open the door for a drop to the next significant support at $0.523.
The next 24–48 hours will be critical for WIF. A bounce could stabilize the token and restore some investor confidence. But if the $0.709 level fails to hold, further downside is likely, potentially extending WIF’s correction into deeper territory.
