Is there a risk of WiFi crash? Dogwifhat gather support
Dogwhiphat (YF), the popular Solana-based meme coin converted to Bitcoin (BTC), has breached a critical support level for the world's largest cryptocurrency. Following this event, sentiment in the cryptocurrency landscape has turned significantly bearish.
Dogwifhat technical analysis and upcoming levels
According to expert technical analysis, WIF has breached the crucial $2.10 support level and is about to close the daily candle below it. Based on recent price action and historical momentum, if Mem Coin closes the daily candle below that support, there is a high chance of a massive 35% price drop in the coming days.
WIF is currently trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a bearish trend. However, this bearish thesis will only hold if MemCoin closes the daily candle below the $1.97 level, otherwise it may fail.
WIF secret authentication
In addition to technical analysis, benchmarks on the chain further support WIF's negative outlook. According to analyst firm Coinbase, WIF's long/short ratio currently stands at 0.88, indicating strong bearish sentiment among traders.
In addition, open interest fell 7.9 percent in the past 24 hours, indicating that traders' positions have deteriorated as prices begin to decline and traders hesitate to build new positions.
However, falling open interest and a long/short ratio below 1 indicate weak bearish sentiment, as traders hold short positions, but no significant new short positions are created.
Current price momentum
At press time, WIF is trading near $1.98 and has experienced a price drop of over 6.9% in the last 24 hours. During the same period, the trading volume increased by 13 percent, indicating the participation of traders and investors compared to the previous day.
