Dogwifhat (WIF) is facing increased market pressure as it trades near a critical support level. After a recent pullback, WIF is attempting to stabilize around the $0.76–$0.78 range. According to Crypto Tony, the WIF/USD pair is nearing a crucial decision point on the weekly chart.
He noted that the $0.76 level previously acted as a strong support in early 2024, following a steep correction. The token had bounced from this region, which now marks a key potential reversal zone.
WIF recently dipped back to this support after a short-term recovery attempt failed. The latest weekly candlestick shows increased pressure, but no full breakdown yet.
Crypto Tony emphasized that holding this level could allow bulls to regain control and potentially drive a new uptrend. A close below $0.76, however, may confirm a bearish continuation with further downside risk.
Intraday Chart Highlights $0.78 Breakdown Risk.
Altcoin Sherpa pointed out that the $0.78 level has also emerged as critical on the 4-hour chart. He observed multiple successful tests of this area, forming a short-term triple bottom line. As of the latest update, WIF is trading just under this level at $0.7791, raising concerns of a breakdown.
Volume remains stable, indicating market indecision. Altcoin Sherpa warned that a sustained move below $0.78 could trigger additional bearish momentum.
If the level isn’t reclaimed quickly, it could end the recent consolidation pattern and shift WIF’s market structure toward a downward trend. He also identified $0.74 as the next likely support if sellers push lower.
Current Price Action Shows Buyer Fatigue
At press time, WIF is trading at $0.7664, marking a 3.17% decline over the last 24 hours. The token saw sharp intraday volatility, reaching above $0.82 before reversing. After failing to sustain gains, it fell back below $0.78 and has struggled to recover.
Sideways movement has dominated the day, suggesting limited buyer interest near current levels. Analysts agree that if bulls cannot defend the $0.76–$0.78 support zone, WIF could face deeper losses.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
