• Dogwifhat (WIF) fell 7.71% to $0.8253, reaching a low of $0.8232.
  • RSI hovers at 48.89 with no clear bullish momentum.

Dogwifhat (WIF) extended its losses on July 4, dipping to a daily low of $0.8232. It currently trades at $0.8253, down 7.71% over the past 24 hours. This price action drags its market capitalization to $824.43 million, marking a similar 7.71% decline. At the same time, the 24-hour trading volume plunged by 55.34% to $320.39 million, significantly reducing WIF’s market cap ratio to 38.87%. 

Despite having a fully diluted valuation equal to its circulating cap, $824.43 million for 998.84 million tokens, the sharp drop in volume underscores evaporating trader interest. That evaporation, combined with strong intraday rejection near $0.94, hints at an intensified bearish phase.

WIF Faces Key Inflection Point Amid Weak Momentum

Technically, WIF struggles to reclaim strength after its previous attempt near the $0.94 level was rejected. The asset now tests the $0.82 region, which acts as a near-term support zone. If this base breaks, price action may accelerate toward the deeper accumulation range around $0.78. 

Conversely, if buying activity returns, $0.94 will likely emerge as the next key resistance. A clean breakout past that could expose the token to the psychological threshold of $1.00. Momentum indicators echo the weakening price structure. 

Dogwifhat (WIF) Drops 7.7% as Price Tests Key Support at $0.82 image 0

The Relative Strength Index (RSI) sits at 48.89, marginally below its 14-day average of 47.54. Although not in oversold territory, the lack of bullish divergence reflects hesitation among buyers. The RSI’s slight upward tilt shows resilience, yet no clear directional conviction appears on the horizon. 

The Chaikin Money Flow (CMF), which now rests at -0.03, has slipped below the zero mark. This move signals a shift in capital outflow, reinforcing the broader bearish mood. Additionally, the convergence of the RSI with its moving average, along with weak bullish follow-through, suggests that traders remain cautious.

While WIF retains long-term potential, the current price action demands careful monitoring. Sustained pressure below $0.82 could trigger wider liquidation. Unless volume recovers and RSI rebounds above 50, the short-term outlook remains bearish.

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