• WIF drops 24% weekly as investor sentiment weakens and sell pressure increases.

  • $0.709 acts as final support before potential retest of May low at $0.523.

  • RSI and MFI show extreme oversold signals, hinting at possible relief rally soon.

Dogwifhat — WIF, is not only bleeding but crawling toward collapse. The token has plunged 23% in the last 24 hours alone. That brings WIF’s weekly loss to 24%, shaking holders to their core. This sharp drop isn’t happening in isolation. Trading volume has surged, support is cracking, and confidence looks shattered. As WIF approaches $0.709, many wonder—can this key level stop the fall, or will it give way?

https://twitter.com/UnknowTraderAi/status/1928925710799806770?t=ryXjPZn_iQtoouZ5gx28VA&s=19 Investors Flee as Selling Spirals

The market is sending a clear message. People are selling—and fast. A CoinGlass poll shows 15% of investors chose to dump WIF. That’s not a minor exit—it’s a bold vote of no confidence. Many no longer believe WIF can recover soon. They’re not just trimming—they’re bailing. Since May 28, the sell pressure has grown each day. It’s not one wave—it’s a storm of exits.

That steady outflow has overwhelmed any weak attempts at recovery. Volume tells a similar tale. Trading activity spiked 38.16% in the past day. When volume climbs and price drops, smart money watches closely. It often means widespread dumping. Sellers are offloading fast, using any small bounce to cut their losses.

Oversold Metrics Light Up

Technical analysis offers little comfort. WIF now has just one support level left—$0.709. The price currently sits just above it. This level needs to hold. Otherwise, WIF could spiral down to $0.523—the May low and a place no holder wants to revisit. The $0.709 line isn’t just a number. It’s a psychological floor. If it breaks, panic could follow. While the chart looks ugly, some signs suggest the worst might be nearing an end.

Two major indicators—MFI and RSI—signal extreme oversold conditions. The Money Flow Index is sitting at 4.09. That’s not just low—it’s bone dry. It means liquidity is draining, and sellers may be running out of steam. The Relative Strength Index backs that up. RSI has dropped to 19.9. This deep red zone hints that selling momentum is peaking. Buyers may soon step in, not with firepower, but with hope.

Historically, when both these metrics flash oversold, price rebounds often follow. However, the bounce depends on one thing—spot traders. Retail buyers are the last line of defense. If they take charge, a short rally may unfold. But if they hesitate, $0.709 may snap. The next move could define WIF’s path for weeks. If the token holds strong, recovery might begin. But if it breaks below $0.709, brace for more pain. The floor could vanish beneath tired hands.