With the cancellation of the Las Vegas Sphere advertising campaign, negative expectations for Dogwifhat (WIF) increased. As the price falls, a few critical support levels assurance to Altcoin investors.
Dogwifhat (WIF) price fell hard on February 4, 2025
Dogwifhat (WIF), which depreciated 19 %in the last 24 hours, continues to make investors uneasy. As the uncertainty continues in the market, according to the technical analysis of analyst Ali Martinez, the WIF Bear Flag formation creates a formation and the price is estimated to decline to $ 0.51.
However, the uncertainties about the Las Vegas Sphere advertising campaign financed by the community increased sales pressure on the WIF. Dogwifhat team, the advertising agreement is still on the table, while the venue officials announced that there is no such agreement.
So, should there be more decrease for WIF, or is there any possibility of recovery?
What does technical analysis say about the future of Dogwifhat?
Ali Martinez states that a classic bear flag is formed in WIF’s graph. According to this formation, the price encounters resistance of $ 0.78 and finds support at $ 0.70. If the formation works as expected, the WIF may drop to $ 0.51.
However, in order for this scenario to be considered invalid, the price should be increased above $ 0.86 and supported with a strong purchase volume.
The current technical indicators also show that the decline tendency continues:
- The RSI declined to 23.50, which shows that it is in the over -selling area and increases the likelihood of a short -term response recruitment.
- The MACD indicator continues to give negative signals and the histogram rods show that the decrease momentum continues.
Currently, the level of $ 0.70 is a critical support point. If this support is broken, the WIF can be expected to act in line with the target of $ 0.51. However, if a voluminous purchase pressure comes, the possibility of a higher recovery should not be ignored.
