Dogwifhat (WIF), a once-popular memecoin, has been experiencing a significant decline recently:

- Downward spiral: WIF has been on a downward trend since late May, losing 15% of its value in just one week, as per data from Coingecko.

- Descending channel pattern: Technical analysis suggests a continued selling pressure, with the price plummeting 30% since the end of May.

- Critical support level: The current price of around $2.44 represents a make-or-break point for WIF; if it can't be defended, the price could drop even further, potentially reaching a new low of $1.93.

- Bullish possibility: If bulls manage to hold the current support level, a price rebound towards the resistance line at $2.70 is possible, offering a chance for the memecoin to regroup and potentially break free from the descending channel.

- Bearish sentiment: Despite a bullish price prediction of a 225% increase to $7.87 by July 15, 2024, the current sentiment suggests potential risks, and it may not be the best time to buy Dogwifhat until market conditions stabilize or additional positive indicators emerge.