The Dogwifhat (WIF) token price had been stagnant for a while, enclosed within a price range before a recent bearish breakout below $2. Sellers initiated short trades aiming to drive the token towards its 52-week low near $1, while buyers countered, temporarily trapping the sellers. Despite the buyers' efforts, the token remains in a bearish trajectory, struggling to surpass $2.50. Currently, WIF is trading at $2.04 with a notable 9.36% intraday surge, reflecting short-term buying interest amidst a monthly return ratio of -30.20%. The WIF/BTC pair stands at 0.0000331 BTC with a market cap of $2.04 Billion. Analysts maintain a neutral stance, anticipating bullish momentum for WIF going forward.

The recent price movements of WIF have been marked by volatility and sideways trends, indicating investors' speculations. The token is poised to retest the 20-day EMA level after respecting the demand area of $1.50, showing signs of a potential bullish reversal. As per analysis, WIF may consolidate near the 100-day EMA and target a rebound towards $2.50, supported by favorable weighted sentiment data. The Relative Strength Index (RSI) curve has shown a rebound from oversold levels, yet bears need to breach the immediate support at $1.50 to sustain the bearish momentum. WIF, ranked 54th, has a total supply of 998.91 million with a market cap of $2.04 Billion and a volume-to-market cap ratio of 0.284.

Recent trading sessions saw a price reversal for WIF, leading to a surge in weighted sentiment data by 34% to 0.196. However, price volatility remains high, with significant fluctuations. Analysts anticipate a potential rejection around the 50-day EMA, hinting at a negative sentiment. The largest WIF holder has accumulated a significant amount, holding 23.39 million WIF with a profit of $83 million. Immediate support levels for WIF are cited at $1.80 and $1.30, while key resistance lies at $2.40 and $3.

In conclusion, WIF experienced a rebound from the $1.50 support level, demonstrating a recovery of over 10% in recent hours. Despite the positive movement, a chart analysis suggests a rejection from the bottom, signaling a mixed sentiment among traders.