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This is why recovering the price of Dogwifat (WIF) can be difficult

Dogwifhat (WIF) price is struggling to continue rising on the charts and recover from recent losses.

To make matters worse, the meme finds no support from investors or broader market signals.

WIF coin is in trouble

Activate price WIF coin managed to stay afloat after bouncing off support at $2.36, but failed to break $3.5 in recent days. It's probably because Signals that the market as a whole is losing its uptrend.

Additionally, WIF shares a high correlation of 0.76 with Bitcoin, and while this is generally a positive factor, it is not. Indeed, Bitcoin is struggling to stop the downtrend and could continue until it retests the $60,000 support.

WIF correlation with Bitcoin.
WIF correlation with Bitcoin. Source: Commercial view

Therefore, altcoins will also suffer the same fate, especially those like WIF, which is closely related to BTC.

Sometimes asset holders can break this correlation by increasing the price of the token through their actions. However, this is not true with WIF as meme investors are not optimistic. Drawing on level-headed sentiment, WIF holders appear somewhat pessimistic about the asset.

WIF sentiment weighting.
WIF sentiment weighting. Source: Feeling

This prevents them from transacting on the network or accumulating more assets, which is key to breaking the bearish spell.

WIF Price Forecast: Consolidation Ahead

Based on market conditions and WIF price's inability to break the $3.6 barrier, it appears that the meme coin could enter a consolidation soon. The Ichimoku cloud is located above the candles, indicating a possible decline in the coming days.

This indicator provides insight into the trend's support, resistance, direction, and momentum. For now, all signs are negative. So, WIF price can move sideways between $3.62 and $2.36.

WIF/USDT 12-hour chart.
WIF/USDT 12-hour chart. Source: Commercial view

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

If it manages to cross the upper limit of the consolidation, the bearish thesis will be invalidated, allowing an increase towards the $4.0 level.

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