Dogwifhat (WIF) Signals Bearish Trend: Growing Selling Pressure
The Solana-based memecoin Dogwifhat ($WIF) is facing a potential sharp price correction, causing concern among investors. While Bitcoin ($BTC) tries to break the $68,000 resistance, WIF's price decline has left traders feeling uneasy. Even though Bitcoin rose by 3% on Wednesday, WIF mirrored a 3% drop, leading many seasoned traders to open short (bearish) positions in anticipation of further decline.
WIF, boasting a market capitalization of $2.5 billion, is one of the most popular memecoins and one of the few listed on Binance's spot market. However, some investors are skeptical about the coin's ability to generate significant returns due to its large market cap. As a result, attention is shifting to alternative memecoins like Dogecoin (DOGE) and Bonk (BONK), both of which have seen gains of 10% and 5%, respectively, during the same period.
Popular trader CrediBULL Crypto recently revealed to his 427k followers on X that he had opened a short position on WIF after it peaked at $2.90 on Monday. Since then, the token has lost over 12% of its value. CrediBULL predicts a potential drop to $1.765 with a possible short-term recovery but is keeping his short positions open until WIF falls below $1. Similarly, Bybit trader Bluntz noted a bearish divergence on the WIF price chart, signaling further downward pressure. While Bluntz remains optimistic about WIFâs long-term prospects, he believes the short-term downtrend will persist. He also highlighted a similar bearish pattern in the Popcat chart, which saw a 10% decline on Wednesday.
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