WIF Price at $3 Signals Rounding Bottom Breakout to $7.42
The broader market recovery took a heavy blow as Bitcoin fell below $95,000 and the November rally ended in a pullback. WIF price trended back towards the $3 support amid increasing supply.
Amid a rapid pullback, WIF price is at a critical crossroads that will determine the fate of the December trend. Will the pullback fall below $3 or is a rally to $7 imminent?
Dogwifhat Price Performance
WIF price trend shows a reversal rally that is strengthening. Starting from the $1.262 mark, the highs and lows of WIF price have broken through the psychological mark of $3.
The recovery rally peaked at $4.797, but as the broader market corrected, the meme coin returned to $3. It is currently trading at $3.13 and finds support at the 78.60% Fibonacci level at $2.9845.
As a retest, the WIF price trend is brewing for a W-bottom reversal despite the formation of a long wake. The uptrend failed to maintain dominance above $3.7733 or the 100% Fibonacci level.
Currently, meme coins are consolidating between two key areas. A breakout on either side will determine upcoming price action.
Technical indicators:
EMA: Providing dynamic support, the rising 50-day moving average is approaching the 78.60% Fibonacci level.
Smoothed Moving Average Convergence and Divergence: The MACD indicator maintains its sloping trend and the bearish histogram surges.
Will the WIF price of new ATH rebound to $5?
After an intraday correction of 1.83%, the meme coin is pointing towards a bearish candle. Before this pullback, the Meme coin had gained as much as 116%. Therefore, the ongoing pullback is a potential retest, and a rebound is likely.
The downside price target is $6.7180, based on Fibonacci levels of $2.48. If a bullish breakout occurs, potential price targets on the upside are $5.08 and $7.427. The round bottom pattern indicates an increased likelihood of a bullish breakout as the broader market recovers.
Will WIF price reach $10? Find out now in the latest news from Coinpedia Dogwifhat Price Prediction.
FAQ
WIF price trend shows round bottom reversal. Additionally, a potential W bottom boosted WIF prices.
Key support is located at the 78.60% Fibonacci level at $2.9845, while resistance is located at $3.77 (100% Fibonacci level). Upside targets include $5.08 and $7.427.
A round bottom pattern, a rise to the 50-day EMA near the 78.60% Fibonacci level, and a broader market recovery increase the chances of a bullish breakout.
