Trading charts show $0.87 as the main level that must hold or Dogwifhat could drop to $0.57 soon.
Price has fallen more than 6 percent and volume is dropping, with each rally showing weak market support.
Traders are now setting alerts near $0.87 and $0.57, as strong decisions may follow within 48 hours.
Dogwifhat ($WIF) is at risk of breaking its bullish structure after dipping below the key support level of $0.87. The recent move triggered concern among traders, with analysts warning that losing this level could cause a slide to $0.57. The price of WIF currently hovers around $0.8621 on Binance’s perpetual futures market, down 6.05% on the daily timeframe.
https://twitter.com/ali_charts/status/1951450375321522518
According to data from TradingView, the asset opened at $0.9177 on August 1 and fell as low as $0.8436 before settling at $0.8621. A volume profile overlay shows the heaviest trading activity concentrated between $0.85 and $0.90, reinforcing the significance of the current support level. The sharp rejection around $1.20 also highlights strong overhead resistance that has persisted since June.
The question now: Can $WIF regain footing above $0.87 or will selling pressure force a return to sub-$0.60 zones?
Traders Watch $0.87 as a Pivot for Bullish Continuation
Crypto analyst Ali (@ali_charts) stated that WIF “must hold above $0.87 to maintain its bullish structure.” He warned that breaching this threshold might trigger a correction to $0.57. His analysis, posted to X on August 2, has since garnered more than 12.2K views.
Ali’s chart also reveals high volume accumulation zones near $0.85, supported by visible volume bars from TradingView’s fixed volume profile. This reinforces the notion that $0.87 is not just psychological but technically critical. Market participants have repeatedly responded to price activity around this level over recent months.
The tweet drew mixed reactions. Some users expressed bearish sentiment, stating “we go lower bro,” while others positioned alerts at $0.87 and $0.57. One user suggested further downside is likely as Bitcoin consolidates below $110K, hinting at broader market weakness.
Key Chart Structure Signals Potential Breakdown
The WIF/USDT perpetual contract on Binance shows a descending trendline since peaking near $1.20. The current candle structure has tested support near $0.87 multiple times over July without confirming a clear reversal. The failure to bounce convincingly could signal fatigue among bulls.
Historical chart data shows that WIF previously rebounded from $0.57 in April, leading to a climb above $1.00 by early June. However, that momentum has since faded, and prices are now nearing previously contested zones. A fall below $0.87 could attract sellers aiming for a retest of April’s low.
Volume analysis reveals a shift in activity since mid-July. Volume density has declined on rallies while increasing during sell-offs, a pattern that reflects bearish divergence. This makes a breakdown below $0.87 more probable unless immediate buy pressure emerges.
Community Sentiment Points Toward Uncertainty
The crypto community remains divided over the future of WIF. Traders are closely monitoring Bitcoin’s range, with many suggesting BTC movement around $107K–$110K will dictate broader market behavior. If Bitcoin faces resistance, altcoins like WIF may see amplified declines.
One analyst commented that broader sentiment remains cautious, suggesting macro conditions aren’t yet in favor of altcoin rallies. The reaction of WIF at the $0.87 support may determine near-term momentum for both bulls and bears. Loss of this level may usher in panic-driven sell-offs.
Others see opportunity in the pullback. Some traders have placed strategic alerts at $0.87 and $0.57, aiming to catch a potential bounce or breakdown. WIF’s next move may depend on trader reactions in the next 24–48 hours as volatility returns.
