Dogwifhat (CRYPTO:WIF) is showing signs of a potential recovery as its price approaches an oversold area.
The meme coin has seen a dramatic 60% decline over the past month, reaching a low of $1.6.
This significant drop has pushed the Relative Strength Index (RSI) into the oversold zone for the first time, indicating that the asset is undervalued and may be primed for a rebound.
Investors might view this as a buying opportunity, which could lead to a reversal in WIF’s price trend.
Additionally, the Open Interest (OI) in WIF futures has halved in less than 20 days, suggesting that renewed investor interest could drive a recovery.
If WIF manages to reclaim $2.00 as a support level, it could potentially rise to $2.36; however, failing to breach this level might lead to further declines.