Dogwifhat price has formed a bullish pattern indicating that the price is likely to recover after a strong upward movement and correction. As pointed out by market analyst Ali, the TD Sequential indicator on the 4-hour chart has formed a buy signal. It signals that the trend has changed and could go up.
The meme coin is on the move as it rebounds from local support at $3.40. The analyst has set a target of $3.80 given that the token will be able to break initial resistance levels.
Dogwifhat price Technical Analysis: Signs of a Bullish Rebound
The TD Sequential indicator is used to identify trend reversals. It has given a buy signal on WIF at 4-hourly chart.
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The TD Sequential indicator presented a buy signal on the #Dogwifhat $WIF four-hour chart, anticipating a price rebound to $3.80! pic.twitter.com/5CMMtTdDM2
— Ali (@ali_charts) November 19, 2024
This green ‘9’ candle suggests the possibility of an up movement that may result in short-term price changes. WIF remains bullish at $3.40, which remains a support level with higher lows indicating continuing buyers’ interest and firm price action.
However, dogwifhat price has increased from $2.50 to over $4.00, proving the market demand for the token. Even after the market correction, price consolidation near $3.50 suggests that more buyers are entering the market suggesting the possibility of another bull run.
Surpassing $3.60, another key resistance level would signal more strength to the rallying price per the analyst’s projection towards the $3.80 level.
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Resistance and Support Levels in Focus
Dogwifhat price faces significant resistance at $3.60, the initial level that has to be breached to affirm the bulls.
A breakout above this level would confirm the buy signal from the TD Sequential indicator and open the way for the price to test $3.80, the analyst’s target.
Apart from this, the next major psychological resistance area is located within $4.00-$4.25. If this zone is cleared, there will be a possibility to continue, which could push WIF as high as $5.00.
On the downside, $3.40 is still a key support level. This zone has remained intact during the recent consolidation phase and has provided support for the current rally.
But failure to sustain this support may pull WIF back to $3.30 with 20-day SMA at $2.87 acting as another support level.
Dogwifhat Market Sentiment and Outlook
The general market feeling about WIF remains moderately positive based on technical indicators and increasing momentum.
The RSI at 60.10 may suggest a neutral position after being overbought since it fell from the level and is now recovering.
Furthermore, the token is currently close to the upper Bollinger Band, which means that it might be possible to have some correction in the short term before it tries to extend higher.
If WIF consolidates above $3.40, it could build the strength needed to test and break through $3.60, setting the stage for a rally toward $3.80 and beyond.
However, a breakdown below $3.30 could shift sentiment, leading to a deeper correction. The coming days will be pivotal as traders watch whether WIF can maintain its bullish momentum or if profit-taking will dampen its upward trajectory.
