Dogwifhat (WIF), a popular meme coin, is facing a tough challenge as it struggles to recover from recent declines. Despite its efforts, WIF failed to break through the $3.35 resistance level, resulting in a 10% drop in market value and a loss of the crucial $3 support level. Technical indicators suggest a bearish trend, but a reversal from the broken resistance trendline could signal a recovery.

The mid-week market slump has hit meme coins hard, with Dogwifhat being one of the worst affected. The coin's price has seen a drastic reversal, threatening to disrupt its ongoing bullish trend. Currently, the price is testing a previously broken resistance trendline within a triangle pattern, a development that traders are closely monitoring for a potential rebound.

Looking ahead, the prospects for a Dogwifhat comeback appear challenging. While a reversal from the broken resistance trendline is possible, the recent 4% intraday decline suggests that the downtrend may continue. If the price drops below $2.75, it risks testing the psychological barrier at $2, adding further stress to an already bearish outlook.

However, if a reversal occurs, WIF could aim for the $5 mark this month. Investors and traders will need to closely monitor market sentiment and technical indicators to gauge the potential for recovery or continued declines in the Dogwifhat market.