Dogwifhat (WIF), the meme cryptocurrency, faces bearish signals amid overall market decline. Token holders are reportedly offloading their holdings on exchanges, as reported by the analytics firm Coinglass.
Dogwifhat (WIF) Technical Analysis and Upcoming Level
As of December 18, 2024, the cryptocurrency market is experiencing a price decline. Some assets, including WIF, have failed to hold key levels such as the golden Fibonacci level and the 200 EMA support. According to CoinPedia's technical analysis, if WIF falls below the $2.565 mark, a further decline of 23% is possible, reaching the next support level at $2.
$10 Million WIF Inflow
On-chain analytics firm Coinglass reports a $10 million WIF inflow into exchanges over the past 48 hours, signaling a bearish trend among holders, as assets move from whale wallets to exchanges, which may cause selling pressure and price declines.
Current Price Momentum
Currently, WIF is trading around $2.52, having lost over 12% in value in the last 24 hours. Trading volume has increased by 24%, indicating heightened interest from traders and investors, possibly safeguarding their assets.
The combination of technical and on-chain metrics indicates that bears currently control WIF's movement, potentially leading to a further 23% price drop.
