Dogwifhat (WIF), the once-booming memecoin featuring a Shiba Inu sporting a stylish knitted beanie, finds itself in hot dog water. After a meteoric rise earlier this year, WIF has been on a downward spiral, trapped within a descending channel since late May. Analysts are carefully keeping tabs as the canine crypto approaches a critical support level, with its future hinging on a tug-of-war between bullish and bearish forces. Related Reading: Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears Descending The Price Ladder: A Sign Of Weakness? Technical analysis paints a worrying picture for WIF. The descending channel pattern, characterized by lower highs and lower lows, indicates sustained selling pressure. The price has plummeted a staggering 30% since the end of May, currently hovering around the crucial $2.44 mark. In the last week, WIF has lost 15% of its value, data from Coingecko shows. This level represents a make-or-break point for WIF. If the bulls – those optimistic investors hoping for a price increase – can’t defend this support line, the price could plunge further, potentially reaching a new lo ..
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