WIF meme coin is at a dangerous point. Dogwifhat (WIF) price has dropped sharply over the past few days, and now it is sitting right above a key level. The token is trading at around $0.86, down more than 6% for the day. If this level does not hold, the bullish structure that has supported Dogwifhat since April could completely break down.
According to analyst Ali (@ali_charts), $0.87 is the key support level to watch. If WIF fails to stay above that, the next major zone is far lower—around $0.57. This means Dogwifhat could lose over 30% of its value from here if support is broken.
What you'll learn 👉
The Importance of the $0.87 Support
The chart shows a strong horizontal line around $0.87, which has served as a price magnet since early May. Buyers and sellers have returned to this level multiple times, making it an important demand zone. Volume profile data also confirms this area has seen a lot of trading activity, especially during the climb from April into May.
If bulls cannot defend this price, the structure flips bearish. It will signal that buyers no longer have control and that momentum could shift quickly in favor of the bears. The last time WIF broke below this zone back in March, it dropped heavily before bouncing again.
Bearish Pressure Grows as Resistance Holds
Over the past month, WIF price has tried and failed to break above $1.25. That level acted as a ceiling twice—first in mid-May and again in late July. Each rejection sent the price lower, suggesting buyers were running out of strength. This series of lower highs has created a downward slope that makes any bullish push harder to maintain.
The price is now sliding toward the support zone without much of a buffer. If it breaks down, the next key level on the chart is around $0.62, followed by $0.57. Both levels are visible on the chart and line up with past accumulation areas from March and April.
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What to Expect If $0.87 Breaks
According to Ali, if Dogwifhat price drops below $0.87 and stays there, traders could panic. A breakdown may lead to a fast move toward the $0.62 zone, which acted as a strong base during the earlier stages of the rally. If that zone also fails, the next target would be $0.57, which is over 33% below the current price.
However, if bulls manage to defend $0.87 and push the WIF price back above $1.00, the short-term outlook could improve. But for now, the pressure is clearly on the downside.
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