Dogwifhat (CRYPTO:WIF), a recent star in the meme coin market, has encountered a significant downturn, declining by 13% over the past 24 hours to trade at $1.78.

Previously showing signs of a bullish rally with an ascending channel pattern, WIF failed to maintain support levels, slipping below $2.37.

The breach below support indicates weakening buyer interest and suggests potential further declines.

Despite a surge in trading volume, up 101% to $621 million, the coin faces bearish sentiment as indicated by its Parabolic SAR indicator.

If current trends persist, analysts predict a potential drop to $1.71, though a resurgence in buying activity could see WIF rise to $1.86.