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Dogwifhat’s Price Sinks 64%—Can Bulls Reverse the Trend?
Dogwifhat has dropped a staggering 64% in just four weeks, with its price currently trading at $0.6153. This sudden decline has sparked concerns about the memecoin’s future prospects and whether bulls can reverse this trend.
The recent drop, coupled with other key market indicators, paints a bearish picture for Dogwifhat investors. The Stoch RSI recently confirmed a bearish crossover, signaling that downward momentum is gaining strength. Additionally, lower highs and lower lows have formed consistently, indicating sellers continue to dictate price action.
Furthermore, the Directional Movement Index has surged to 43.3, while the positive index lags behind at 13, suggesting sellers maintain dominance. A strong ADX reading reinforces this bearish trend, showing no immediate signs of reversal.
Dogwifhat’s Open Interest has fallen sharply across exchanges, dropping from $89 million to $67 million in just a week. This decline suggests traders are closing positions, while fewer new investors are entering the market. The lack of fresh demand weakens the chances of a quick rebound.
Currently, Dogwifhat sits at a critical support level near $0.61. A successful defense of this zone could give bulls a fighting chance to regain control, but if bears continue their dominance, prices may slide toward $0.50 or even $0.44, reaching new yearly lows.
Bulls now face a crucial moment. They must defend the current support level and prevent further losses.
Source: cryptonewsland.com
