The dogwifhat (WIF) token hovers near the make-or-break zone around $3 and replicates volatility in the last sessions.
For the past few weeks, the token has persisted in delivering the lower low swings, losing over 15% gains last month. Meanwhile, the token has reached the demand zone of $3 and may get a pullback soon.
At press time, WIF was trading at $3.02 with an intraday gain of 0.25%, reflecting neutrality on the chart. It has a monthly return ratio of -3.20% and 123.20% yearly.
The pair of WIF/BTC is at 0.0000441 BTC, and the market cap is $3.04 Billion. Analysts are neutral and suggest that the WIF price may continue to face selling pressure and might lose gains ahead.
Could the WIF Stay Above the $3 Mark?
Over the past few weeks, the WIF token price continued to drag gains and was in a retracement phase. Additionally, there no significant volume buying activity was witnessed, consequently, the $3 mark was retested.
The intraday trading volume spiked over 23.37% to $465.90 Million and has a total supply of 998.91 million. It ranked 40 in terms of market capitalization.
Source: Santiment
The WIF token could not deliver any significant rebound for the past sessions, and sellers continued to highlight their dominance.
Prominent Analyst @WorldofCharts shared their opinion that the WIF token displayed a bullish pennant pattern and might replicate a solid rise toward the $5 mark ahead.
$Wif
— World Of Charts (@WorldOfCharts1) May 26, 2024
Breaks Bullish Pennant Expecting Solid Bullish Wave In Coming Days Send It Towards 5$#Crypto #Wif pic.twitter.com/5JL9dRaurL
A break and close above the $3.60 mark would lead to a sharp bounce, while below $2.40, a fresh selloff can be seen ahead. The Momentum Indicator (RSI) curve stayed close to the midline region and displayed a negative divergence.
What Do Social Dominance and OI Data Highlight?
This week, the social dominance data revealed a sharp surge and spiked over 23% to 0.55%, reflecting investor speculation on the social platforms.
Source: Santiment
Per the Santiment data, the futures data reveal fresh long additions, and the open interest data spiked by over 6.36% to $364.65 Million in the last 24 hours.
The immediate support levels for the WIF token are $2.80 and $2.50, whereas the key upside hurdle is around $3.20, followed by $3.70.
Conclusion
The dogwifhat (WIF) price action revealed a consistent selloff, and the token continued to lose momentum. Meanwhile, the token is trading in a downtrend, and buyers have yet to gain strength.
