Breakout Alert! Dogwifhat (WIF) Poised For 35% Rally
Prices have experienced declines over the past few weeks. As of today, December 28, 2024, WIF has begun to show upward momentum, with the price surge particularly prominent compared to other assets.
The sharp increase in WIF price can be attributed to a break in the recent pattern of downward price behavior, interest from long-term holders, and a shift in market sentiment across the cryptocurrency space.
Dogwifhat (WIF) Technical Analysis and Upcoming Levels
According to expert technical analysis, WIF not only broke out of a descending price action pattern but also successfully retested the key support level at $1.80. The recent support for WIF is the third since November 2024.
WIF price prediction
Based on historical price momentum, whenever memecoin reaches this level, it experiences buying pressure and significant upward momentum.
This time around, experts and analysts are predicting a similar upward trend in the future. Based on the recent price action, if WIF manages to break out of the Descending Triangle price action pattern and closes a 4-hour candle above the $1.945 mark, it has a high chance of surging 35% to reach the $2.65 mark in the future.
The bullish thesis for WIF only holds true if it successfully breaks out and closes a candle above the sloping trendline, otherwise it may fail.
WIF worth $16 million leaked
In addition to this bullish price action, investors and long-term holders are continuing to accumulate tokens even as the price struggles to gain momentum, reports the on-chain analytics firm coin glass.
WIF spot inflow/outflow data shows that exchanges across the cryptocurrency space witnessed $16 million worth of outflows of the WIF meme token. The term “outflow” refers to the movement of assets from exchanges to wallet addresses, which may signal upward momentum and ideal buying opportunities.
Current Price Momentum
At press time, WIF was trading near $1.92, with gains of more than 4% in the past 24 hours. During the same period, its trading volume surged 15%, indicating increased participation from traders and investors in the recent breakout.
