Dogwifhat's price has taken a significant hit, plummeting below the $1.80 mark. This decline is attributed to a mix of factors and technical indicators suggest that if the trend continues, WIF could slump to $1.

The primary reason for this bearish turn is the extensive Dogwifhat whale selloffs combined with broader market movements. One of the most impactful events affecting the WIF price is the massive token dump by a major whale. On June 20, a Dogwifhat whale offloaded a staggering 5.97 million tokens to Binance, valued at $12.1 million. This move significantly intensified the downtrend that had already begun.

Moreover, today, the same whale sold an additional 6.84 million WIF tokens to Binance, worth approximately $11.3 million. These whale offloading further accelerated the downward pressure on the Dogwifhat price. Earlier in the week, another whale dumped about $3.5 million worth of WIF in just a few hours. This large-scale selling activity has alarmed investors, prompting a broader sell-off.

Another critical factor contributing to the Dogwifhat price decline is the wave of long liquidations. Over the past 24 hours, long positions worth $1.66 million have been liquidated. This substantial liquidation has accelerated the price drop, as investors are forced to sell their holdings at lower prices to cover their leveraged positions.

Lastly, the loss of the critical $2 support level has been a significant blow to the WIF price stability. Recently, Dogwifhat fell from $2.6 to $1.75, marking a crucial breach of support. This drop has led to a bearish outlook, with technical indicators pointing to further declines.

Currently, the Relative Strength Index (RSI) on the daily chart for Dogwifhat stands at 31, approaching oversold territory. This suggests that while a reversal or slowdown in the downward movement might be possible, the immediate sentiment remains bearish. As WIF struggles to maintain its value above key support levels, the potential for further declines becomes more pronounced.