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<ul class="wp-block-list">
 <li>Dogwifhat (WIF) has dropped by 15.78% over the week, now trading around $2.06.</li>
 <li>Analysts see a sweep of lows in Dogwifhat as it falls below support, with traders watching a demand zone at $1.6 to $1.8 for buying opportunities.</li>
</ul>
At the end of October, Bitcoin soared near its all-time peak of $73K and sparked a strong rally across the crypto market, particularly in the meme coin sector. Among the tokens drawing attention was <a href="https://thenewscrypto.com/can-dogwifhat-wif-hit-all-time-high-before-october-ends/" target="_blank" rel="noopener noreferrer nofollow">Dogwifhat</a> (WIF), but as November kicked off, the upbeat momentum began to wane.
Currently, Dogwifhat’s price is hovering around $2.06, marking a 15.78% decline over the past week. Despite this dip, trading volume remains high, with approximately $602 million flowing through the token, indicating sustained interest from traders.
This downturn hasn’t gone unnoticed by the crypto community. Well-known analyst <a href="https://x.com/George1Trader/status/1853382679506399358" target="_blank" rel="noopener noreferrer nofollow">George</a> has weighed in, suggesting that the memecoin may continue to face headwinds. He points to a recent technical analysis where WIF dropped below its previous support level of $2.15, a movement often referred to as “sweeping lows.” This drop can trigger stop-loss orders, leading to further declines as weaker buying positions are eliminated.
Traders are now focusing on a “demand zone,” a critical area on the charts where buying interest typically resurfaces. This zone, ranging from $1.60 to $1.80, could present a prime buying opportunity if the price dips into this range. George says traders plan to enter a long position if WIF approaches this zone, anticipating a bounce back.
<h3 class="wp-block-heading" id="h-current-price-movement-of-dogwifhat">Current Price Movement of Dogwifhat</h3>
At the time of writing, WIF has slightly rebounded to $2.08 after hitting an intraday low of $1.96. However, it remains below the Bollinger Bands’ upper line, indicating potential room for upward movement if it can break through these resistance levels.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="492" src="https://thenewscrypto.com/wp-content/uploads/2024/11/image-38-1024x492.png" alt="" class="wp-image-112709" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/image-38-1024x492.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-38-300x144.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-38-768x369.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-38.png 1295w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Dogwifhat (WIF) Price Chart (Source: <a href="https://in.tradingview.com/symbols/WIFUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
The MACD indicator is also showing signs of potential bullish momentum, with the current value at -0.089, just above the signal line at -0.095. Meanwhile, the Relative Strength Index (RSI) suggests that WIF may be oversold, hinting that a reversal could be on the horizon if buying pressure begins to build.
As Dogwifhat navigates these challenges, traders will be keeping a close watch on <a href="https://thenewscrypto.com/dogwifhat-wif-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">critical support levels</a> around the $2 zone, with the hope of a rebound as the market continues to evolve.
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Is Dogwifhat’s Price Decline Signaling a Buying Opportunity?

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