Dogwifhat (WIF) Correction Nearing End After 87% Price Decline

Key Takeaways

• Dogwifhat’s (WIF) price has fallen 87% since its high.
• The price trades inside a descending parallel channel.
• When will the Dogwifhat correction come to an end?

WIF was one of the best-performing cryptocurrencies in the current market cycle, increasing nearly 3,000% and reaching its all-time high in March 2024. WIF was the largest meme coin in the Solana ecosystem, but it has now fallen out of the top 100 largest cryptocurrencies.

The tides turned in November 2024, and a massive decline spilled over into 2025. The WIF price fell by 87% from its all-time high and reached a low of $0.55 on Feb. 3, 2025.

While no clear bullish trend reversal signs have emerged, the price trades at an important support level. With that in mind, is a recovery on the horizon, or will the downtrend continue?

WIF Reaches Support

The weekly time frame chart shows that WIF has fallen inside a long-term descending parallel channel since April 2024. The channel contains both the all-time highs and slightly lower highs of March and November 2024 (red icons).

During the decline, WIF fell below the channel’s midline and accelerated its rate of increase, breaking down below the $1.40 horizontal support area. This is the final horizontal area before the all-time low.

Since February, the WIF price has traded close to the channel’s support trend line. WIF has not shown any bullish trend reversal signs, even though this is a likely level for a bounce.

On the contrary, technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) fall below their bullish thresholds at 50 and 0, respectively.

If a breakdown from the channel happens, the WIF price could reach $0.20.

WIF Correction Over?

Despite the lack of bullish trend reversal signs, the wave count suggests the WIF correction could be over. The wave count shows a completed long-term A-B-C structure (red) where waves A:C have nearly the same length.

Moreover, it shows a completed five-wave sub-wave count (orange) that creates wave C. The fact that the correction is contained inside a descending parallel channel aligns with this possibility.

To confirm this count, the WIF price has to reclaim the $1.40 horizontal resistance area.

Doing so could take the WIF price to the channel’s upper portion and the 0.5-0.618 Fibonacci retracement resistance area of $2.69-$3.19.

Alternatively, if the WIF price breaks down from the channel, it would indicate that the decline is part of wave three instead of being wave C.

This would lead to the acceleration of the downward movement and a new WIF all-time low.

Bounce Incoming

The WIF price has seen massive losses since its all-time high. The price is holding on to its final diagonal support level, and while there are no clear bullish trend reversal signs, the wave count suggests the correction could end soon.