Analysis: Dogwifhat (WIF) faces further risk of losses.

Gate News bot news, FXStreet analyst Vishal Dixit stated that Dogwifhat (WIF) is an internet meme coin based on Solana, which fell more than 7% during the market pullback on Tuesday, reaching a 30-day low trading price. This internet meme coin also broke below the support level of $0.798, which has been tested multiple times over the past few weeks.

As the selling pressure increases, the WIF breakout trend may test the 0.550 dollar support level that was last tested on May 6.

The MACD indicator is falling and has entered the negative territory along the signal line, indicating that a new bearish trend is forming.

If the WIF price recovers the lost 0.164 USD support level, it may rebound to the psychological level of 1000 USD.