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This is why Dogwifhat will beat PEPE in the race for the same corners

Dogwifhat (WIF) price is on a downward trajectory after a week of corrections, during which the meme coin retreated from an uptrend.

Additional uncertainty among investors will likely contribute to the pullback, which will see WIF fall to $2.

Dogwifat coin will not receive investor support

Results of the price collapse Wireless broader market signals, but this will expand due to the fear generated among WIF holders. The liquidation of over $13 million in long contracts will keep bullish traders away from the same coin.

As optimism runs out, the bears will take over the futures market, and neither will participate for a while. Either way, the negative impact will be borne by the price of WIF.

WIF filter.
WIF filter. Source: Quinglass

The pair is struggling to regain the uptrend lost during recent corrections. After bouncing out of oversold territory, the relative strength index (RSI) almost crossed the neutral mark at 50.0.

However, it failed to close above and a downward movement was seen. This is a bearish development for the same coin, as starting a recovery rally requires support from investors or broader market signals.

Read more: Dogwifat BSC (WIF) Price Forecast for 2024, 2025, 2026, 2027

RSI Dog Woman
Relative force index for carved waves. Source: Trading View

Since dogwifhat has neither at the moment, the likely outcome is that it will continue to chart. Currently, the total market capitalization of a stock is Wireless Around $2.52 billion and this amount is constantly decreasing.

Just below that is Pepe (PEPE), which comes in fourth with $2.14 billion. If the price of WIF continues its downward trend, which is much larger than the price of PEPE, it may not be long before the latter surpasses the former.

WIF Price Forecast: Next Major Support Level

WIF price is trading at $2.57 and is currently trading above the $2.36 support level. As bearish signals strengthen, it would not be surprising if this support is broken and WIF falls to $2.

This critical support level has been tested several times in the past, and its loss would result in significant losses for the meme coin.

WIF/USDT on 4-hour chart.
WIF/USDT 4-hour chart. Source: Trading View

Read more: Dogwifhat Hits All-Time High, Surpasses PEPE as Third Largest Coin

SinceOn the other hand, if there is a possibility that the support level remainsNot broken and WIF price will rebound. This would allow a breakout of the $2.75 resistance level, thus invalidating the bearish thesis. A successful breakout would result in the WIF price returning to the $3 level, thereby spurring recovery.

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