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Dogwifhat Coin Price Prediction: The Downside Persists on Profit-Taking

Dogwifhat price coin price prediction has become associated with the downside in recent days, and the slump continued on Wednesday, with WIF shedding 7.8 percent to trade at $2.30 at the time of writing. The meme coin is on a downtrend that has seen it lose about 10.5 of its value in the last week and 45.3 percent in the last month. This has created a strong bearish sentiment around the coin, with concerns that more losses could be on the way.

The current WIF price action has been exacerbated by the failure of the Bitcoin halving to spark a market rally about two weeks after the event. Bitcoin price has gone down by 10 percent since the halving event on April 19, diminishing hope of a near-term crypto market rally. Nonetheless, it is important to remember that Dogwifhat’s popularity was not driven by the halving event, but by an organic meme-themed hype propelled by a loyal user community.  

The meme coin, which features a dog wearing a pink hat, is doing well relative to its short age in the crypto market.  WIF started trading in November 2023 and is currently at 385% above its original opening price. This means that the people who bought the token at the very beginning are still in profit. However, the flipside to it is that the persistence of a bearish sentiment in the wider crypto market will likely trigger more WIF holders to take profit on their coins. That could bring in more headwinds to WIF, extending the downside momentum.

Technical analysis

The momentum on WIF price signals that the sellers are in control, as shown by the RSI indicator on the 30-minute price chart. The pivot is at 2.38 and the sellers could break the support at 2.30 if resistance persists at the pivot mark. Furthermore, a continuation of that control at the first support could build momentum to head lower to test 2.26. On the other hand, a move above 2.38 will signal control by the buyers, with the next resistance likely to come at 2.44. Furthermore, a break past that mark will invalidate the downside narrative and favour the buyers to test 2.49.