The Dogwifhat (WIF) currency continued to decline on July 4, recording a daily low of $0.8232. It is currently trading near $0.8253, down 7.71% over the last 24 hours, leading to a market value drop to $824.43 million, alongside a similar percentage decline.
At the same time, the daily trading volume sharply dropped by 55.34% to $320.39 million, which reflected on the trading-to-market cap ratio, which fell to 38.87%. Although the fully diluted market cap matches the current value of the circulating supply — about 998.84 million tokens — the sharp decline in trading volume indicates decreased trader interest.
Technical pressures at the $0.82 level amidst weak buying momentum, WIF still struggles to regain strength after failing to surpass the resistance level near $0.94. It is now testing the $0.82 area, which represents a technical support level in the near term. If this level is broken, the price action may move towards a deeper accumulation area at $0.78.
In the event of a return to buying, $0.94 will be considered the next major resistance, and breaking it could open the way to an important psychological level at $1.00. However, technical indicators suggest that momentum weakness will persist.
Momentum indicators show hesitation in the market, with the Relative Strength Index (RSI) positioned at 48.89, slightly above its 14-day average of 47.54. Although the indicator does not show oversold conditions, the lack of positive divergence confirms the prevailing hesitation among buyers. The slight upward tilt of the indicator shows some resilience but does not reflect a clear trend.
The Chaikin Money Flow (CMF) has dropped to -0.03, crossing below the zero line, indicating the beginning of capital outflows, reinforcing the overall negative sentiment in the market. Additionally, the convergence of the RSI indicator with its moving average, along with the absence of strong buying momentum, suggests that traders are acting cautiously.
Despite WIF having long-term potential, its current performance requires close monitoring. Continued pressure below the $0.82 level could lead to a broader sell-off. Until trading volume rises again and the RSI indicator breaks above 50, the short-term outlook remains negative.
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