The cryptocurrency market has been gripped by fear, with Bitcoin's recent plunge causing a ripple effect across the market. Amidst this turmoil, WIF (dogwifhat) has been struggling to reverse its bearish trend, with key indicators suggesting a continued downtrend. Despite efforts to bounce back, WIF's price has been unable to gain traction, shedding 54% since its local high on May 29th.

The market structure for WIF is strongly bearish, with the Accumulation/Distribution chart showing a firm downtrend over the past month. The daily RSI is also below neutral 50, indicating a continued downtrend. The bears remain in control, with the $1.95 level being retested as resistance. The next support level is at $1.26, which may be tested soon.

The higher and lower timeframe charts are both in bearish favor, with the Open Interest failing to pick up in the past 24 hours. This lack of interest from futures traders suggests a lack of belief in recovery, making it unlikely for WIF's price to bounce back in the short term.

The Fear and Greed crypto index has also descended into fear, with a reading of 30. This indicates that fear is dominating market sentiment, which may be a buying opportunity for some observers. However, for WIF, the short-term sentiment remains bearish, with buyers lacking strength.

In conclusion, WIF's struggle to reverse its bearish trend is a reflection of the wider fear that has gripped the crypto market. With key indicators suggesting a continued downtrend, it remains to be seen if WIF can regain its footing and bounce back in the coming days.