The price of Dogwifhat (WIF) has seen a significant drop and is now near a critical support level. This raises concerns among investors.
Key Support at $0.87
WIF is currently priced at around $0.86, down over 6% for the day. Analyst Ali (@ali_charts) highlights the $0.87 support level as critical. If this level fails, the price could drop to $0.57.
Growing Bearish Pressure
Over the past month, the WIF price has attempted and failed to break above $1.25, which acted as a ceiling. Each rejection signals that buyers are losing strength, creating a downward slope that complicates any bullish attempts.
What to Expect If the $0.87 Support Breaks?
If WIF drops below $0.87 and stays there, traders may panic. A breakdown could lead to a quick move towards the $0.62 zone. If that fails as well, the next target would be $0.57.
Currently, the pressure is clearly on the downside, and without support at the $0.87 level, further losses for Dogwifhat may become a reality.
