Dogwifhat's Plunge: Analyst Predicts Further Losses Amid Crowdfunding Controversy

Dogwifhat's price has plummeted by 19% in just 24 hours, sparking concerns about its short-term trajectory. Analyst Ali Martinez has predicted further losses, potentially dropping to $0.51 due to a bearish flag pattern. The memecoin has also faced controversy over a crowdfunded ad campaign at the Las Vegas Sphere, with a venue representative denying any agreement, adding to market uncertainty.

Martinez's prediction points to a classic bearish flag formation on WIF's chart. Following a steep 19% decline, WIF has been consolidating in a tight range, forming a rectangle pattern, which suggests a potential continuation to the downside. The resistance level around $0.78 has repeatedly capped price action, while support hovered near $0.70. If this pattern plays out, the projected breakdown could drive dogwifhat toward Martinez’s target of $0.51, aligning with the measured move principle of flag patterns.

WIF continued its downward spiral, trading at $0.774 at press time — marking a 9.88% daily decline. The RSI has plummeted to 23.50, deep into the oversold territory, signaling extreme bearish momentum. Historically, such low RSI levels suggest the potential for a short-term bounce, but sustained selling pressure could prolong the downtrend. The MACD remained firmly bearish, with the signal line well above the MACD line, reinforcing negative momentum. Additionally, the histogram bars continued to expand in the red, showing no immediate signs of a bullish reversal.

Immediate support lay at around $0.70, a breakdown of which could validate the $0.51 target. On the upside, resistance sat at $0.86, with a decisive break above it needed to signal a recovery. While oversold conditions hint at a possible relief rally, the broader trend remains bearish unless buying volume significantly increases.