dogwifhat reports 19% losses – Why there may be more downside
- dogwifhat’s price continued to plummet amid analyst predictions of further downside risk.
- Controversy over a delayed Las Vegas ad campaign added to WIF’s growing market uncertainty.
dogwifhat [WIF] has been making waves in the market recently, but not in the way many hoped. After a sharp 19% drop in just 24 hours, concerns over its short-term trajectory have reached a fever pitch.
Adding fuel to the fire, analyst Ali Martinez recently tweeted a prediction suggesting that WIF could be headed for further losses, potentially dropping to $0.51 due to a bearish flag pattern.
Source: CoinMarketCap
Meanwhile, the memecoin has also been dealing with controversy around a crowdfunded ad campaign at the Las Vegas Sphere.
Despite claims from the dogwifhat team about ongoing negotiations for the high-tech advertisement, a representative from the venue denied any such agreement, further frustrating the community.
With the market in turmoil and WIF facing significant selling pressure, is this a buying opportunity, or is the worst yet to come?
A bearish flag prediction
Analyst Ali Martinez’s latest prediction pointed to a classic bearish flag formation on WIF’s chart.
Following a steep 19% decline, WIF has been consolidating in a tight range, forming a rectangle pattern — a hallmark of a potential continuation to the downside.
The resistance level around $0.78 has repeatedly capped price action, while support hovered near $0.70.
Source: X
If this pattern plays out, the projected breakdown could drive dogwifhat toward Martinez’s target of $0.51, aligning with the measured move principle of flag patterns.
However, a decisive breakout above resistance could invalidate this setup, making the next move crucial for traders watching WIF’s trajectory.
More downside or a possible rebound?
WIF continued its downward spiral, trading at $0.774 at press time — marking a 9.88% daily decline. The RSI has plummeted to 23.50, deep into the oversold territory, signaling extreme bearish momentum.
Historically, such low RSI levels suggest the potential for a short-term bounce, but sustained selling pressure could prolong the downtrend.
The MACD remained firmly bearish, with the signal line well above the MACD line, reinforcing negative momentum. Additionally, the histogram bars continued to expand in the red, showing no immediate signs of a bullish reversal.
Source: TradingView
Realistic or not, here’s WIF’s market cap in BTC’s terms
Immediate support lay at around $0.70, a breakdown of which could validate the $0.51 target. On the upside, resistance sat at $0.86, with a decisive break above it needed to signal a recovery.
While oversold conditions hint at a possible relief rally, the broader trend remains bearish unless buying volume significantly increases.