Dogwifhat (WIF) Price Prediction for December 19

Dogwifhat (WIF), the popular Solana-based meme coin, is poised for a price decline as its daily chart flashes a bearish signal.

Dogwifhat (WIF), a popular Solana-based meme coin, is up for grabs as its daily chart flashes a bearish signal. But token holders seem to be dumping their holdings on exchanges, a scenario highlighted by on-chain analytics firm Coinglass.

Dogwifhat (WIF) Technical Analysis and Upcoming Level

The overall cryptocurrency market is witnessing a price decline today, December 18, 2024. While some assets are consolidating in a tight range, others fail to hold crucial levels.

Source: Trading View

On the daily time frame, the meme coin has failed to hold its critical golden Fibonacci level and the support of the 200 Exponential Moving Average (EMA).

This breakdown has shifted the meme coin into a bearish trend, according to CoinPedia’s technical analysis. The meme coin could be up for a 23% price decline to reach the next support level at $2, based on recent price action if WIF closes a daily candle below the $2.565 level.

$10 Million Worth of WIF Inflow

This bearish outlook is further highlighted by on-chain analytics firm Coinglass. Data from WIF’s spot inflow/outflow metrics revealed a significant inflow of tokens into exchanges, amounting to about $10 million worth of WIF in the past 48 hours.

Source: Coinglass

This substantial inflow is a bearish sign for holders, as inflow denotes the movement of assets from whale wallets to exchanges, indicating a lack of interest in holding. This could result in selling pressure and further price decline.

Combining these on-chain metrics with the technical analysis, it appears that bears are currently dominating the meme coin, which could support short sellers in achieving a 23% price decline in the future.

Current Price Momentum

At press time, WIF is trading around $2.52 and has experienced a price decline of over 12% in the past 24 hours. During the same period, the meme coin’s trading volume increased by 24%, indicating heightened participation from traders and investors compared to previous days, as they may be safeguarding their assets.