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The WIF has failed to maintain its critical Fibonacci gold level and the 200 EMA support.
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WIF could fall by 23% to reach the next support level at $2 if it closes a daily candle below the $2.56 level.
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On-chain metrics revealed that exchanges have witnessed WIF inflows worth $10 million, indicating selling pressure.
Dogwifhat (WIF), the popular Solana-based meme coin, is set for a price drop as its daily chart shows a bearish signal. However, token holders appear to be dumping their holdings on exchanges, as reported by on-chain analytics firm Coinglass.
Dogwifhat (WIF) Technical Analysis and Next Level
Today, December 18, 2024, the overall cryptocurrency market is witnessing a price drop. Amid this, some assets appear to be consolidating in a tight range, while others are failing to maintain crucial levels.
Source: Commercial View
The WIF meme coin has failed to maintain its critical golden Fibonacci level and 200 exponential moving average (EMA) support on the daily time frame.
According to CoinPedia technical analysis, this collapse has pushed the meme coin into a bearish trend. Based on the recent price action, if WIF closes a daily candle below the $2,565 level, there is a strong chance that it could decline by 23% to reach the next support level at $2.
WIF tickets worth $10 million
This bearish outlook is further supported by on-chain analytics company Coinglass. Data from WIF spot inflows and outflows metrics revealed that exchanges have witnessed significant WIF inflows worth $10 million in the last 48 hours.
Source: Coinglass
This significant entry indicates a bearish signal for holders, as the entry refers to the movement of assets from whale wallets to exchanges, showing a lack of interest in holding them. This could lead to selling pressure and further price declines.
Combining these on-chain metrics with technical analysis, it appears that bears are currently dominating the meme coin, which could help short sellers achieve a 23% price drop in the future.
Current price momentum
At press time, WIF is trading near $2.52 and has seen a price drop of over 12% in the last 24 hours. During the same period, the meme coin’s trading volume increased by 24%, indicating greater participation by traders and investors compared to previous days as they may be safeguarding their assets.
