Dogwifhat is facing renewed downside momentum as both price action and derivatives participation point toward sustained selling pressure.

The sharp contraction in market activity, coupled with continued weakness across major indicators, suggests sentiment remains fragile.

While some traders attempt to buy dips around psychological support zones, technical signals show that downside risks remain elevated in the near term.

Open Interest Decline Reflects Lower Market Engagement

The latest derivatives data shows WIF/USD trending steadily downward across the hourly timeframe, falling from earlier levels near $0.42–$0.44 to around $0.342 during the most recent decline.

The pattern of lower highs and lower lows confirms persistent bearish sentiment, with sellers driving momentum as volatility increases during each breakdown. The sharp drop into the $0.33–$0.34 region highlights a decisive shift as buyers fail to defend short-term support levels.

Source: OpenInterest

Aggregated open interest also reflects fading market participation, slipping from near 72 million contracts toward the 60.72 million region.

This contraction mirrors the price downtrend, indicating that traders are closing positions rather than initiating fresh exposure. A declining open interest during falling prices typically signals risk reduction, position unwinding, and reduced appetite for leveraged speculation.

Data Shows WIF Down 3.79% as Volumes Stay Elevated

BraveNewCoin lists dogwifhat at $0.38, marking a 3.79% decline over the past 24 hours. The token holds a market capitalization of $379.28 million, supported by a circulating supply of 998.9 million WIF. Trading volume remains strong at $189.88 million, showing that liquidity is active even as price direction leans negative.

The broader market shows the token trading within a daily range between $0.34 and $0.40, with intraday volatility suggesting that traders remain highly reactive to shifts in risk sentiment. Despite the decline, high turnover indicates continued interest—though current flows appear more aligned with profit-taking or defensive repositioning rather than accumulation.

Given its ranking at #189, the asset remains a speculative asset driven heavily by sentiment and short-term flows rather than long-term fundamentals. The token’s vulnerability to volatility remains elevated, and without stronger inflows or a shift in macro market tone, pressure toward lower ranges may continue.

Indicators Point to Deepening Bearish Momentum

TradingView’s daily chart shows WIF trading at $0.342, down 9.52% on the latest session. Price action remains below the Bollinger Band basis at $0.435, indicating sustained bearish momentum. The failure to reclaim the basis line in recent attempts underscores directional weakness, while repeated tests near the lower band around $0.344 reveal buyers struggling to maintain control.

Souce: Tradingview

The broader structure highlights strong resistance near $0.52–$0.60, while key support sits near the $0.20 region, where previous major lows formed. With the price sliding consistently underneath the middle band, the short-term trend remains decisively negative, and failure to bounce from the lower band raises the probability of a continuation toward deeper support zones.

The MACD confirms weakening momentum, with the histogram turning negative at –0.003. The MACD line at –0.044 sits beneath the signal line at –0.041, forming a configuration typically associated with bearish continuation. Unless buyers drive a bullish crossover or price forms a higher low, the memecoin may continue drifting downward.