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Dogwifhat (WIF) Price Trends Within a Narrow Range, Eyes Support

2 mins
Updated by Ryan Boltman
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In Brief

  • Dogwifhat (WIF) currently consolidates between $2.06 resistance and $1.59 support after breaking below its ascending channel.
  • The meme coin’s MACD indicator confirms a lack of strong directional movement.
  • Bearish sentiment could drive WIF below $1.59.
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Dogwifhat (WIF) broke below the lower line of its ascending channel on July 3 and has since trended within a range.

The break below this line marked a price decline below a resistance level that it maintained since the end of June.

Dogwifhat Consolidates Within a Range

Since breaking below the lower line of its ascending channel on July 3, it has trended within a horizontal channel.

A horizontal channel is formed when the price of an asset consolidates within a range for an extended period. The upper line of this channel forms resistance, while the lower line forms support. 

Since July, WIF has faced new resistance at $2.06 and formed a new support level at $1.59. 

Dogwifhat Analysis. Source: TradingView
Dogwifhat Analysis. Source: TradingView

An asset trends within a range like this when there is a relative balance between buying and selling pressures, preventing its price from trending strongly in either direction. 

This can be gleaned from WIF’s Moving Average Convergence Divergence (MACD) indicator. Since July 7, the meme coin’s MACD (blue) and signal lines (orange) have crossed back and forth. 

Read More: What Is Dogwifhat (WIF)?

Dogwifhat Analysis. Source: TradingView
Dogwifhat Analysis. Source: TradingView

This movement suggests the meme coin’s shorter-term and longer-term moving averages are staying close together. This indicates a lack of strong directional movement in the price, confirming consolidation.

WIF Price Prediction: Bearish Sentiments Remain High

Although market participants are unsure of WIF’s next price direction, the meme coin is still trailed by a significant bearish bias. As of this writing, the altcoin’s weighted sentiment is -0.74.

Dogwifhat Weighted Sentiment. Source: Santiment

This metric tracks the overall mood of the market regarding an asset. It considers the sentiment trailing the asset and the volume of social media discussions. 

When an asset’s weighted sentiment value is below zero, most discussions on social media platforms are fueled by negative emotions like fear, uncertainty, and doubt.

If this trend continues, WIF’s price might fall below its new support level of $1.59.

Dogwifhat Analysis. Source: TradingView
Dogwifhat Analysis. Source: TradingView

However, if market sentiment shifts to positive, the token’s price might rise to break above the upper line of the newly horizontal channel.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment,...
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