Dogwifhat price prediction signals an 8% during the Asian trading session on Tuesday, emerging among the top gainers according to Coinmarketcap. The sharp upswing gave a decisive breakout from the key resistance of a 6-month correction trend, signaling the potential for further rally.
Dogwifhat Price Prediction: Reversal Looms After 77% Decline, Is a $3 Target Next?
Amid the two-month consolidation in the broader market, the Dogwifhat price prediction shifted its prevailing correction trend to sideways above the $1.25 support. The lateral trading witnessed renewed bullish momentum from bottom support and tilted upward after the 0.5% rate cut by the Federal Reverse.
Defying the low volatility crypto trading on Tuesday, the WIF price surged 8%, giving a decisive breakout from the key resistance trendline of the falling wedge pattern. Before the breakout, the chart setup drove a steady downtrend for nearly six months and plunged the asset from $4.86 to $1.08 low— a 77% loss.
Renowned trader BluntzCapital highlighted the significance of this potential breakout to his 257.7k followers on X (formerly Twitter), asking, “Are you ready for round 2?” This statement reflects his anticipation of a possible major price rally, urging traders to prepare for the next wave of market action.
$wif is a bees dick away from a major -77% downtrend breakout, strap in, are you ready for round 2? pic.twitter.com/QMg7K5Z2Gd
— Bluntz (@Bluntz_Capital) September 24, 2024
The Relative Strength Index (RSI) at 62% suggests that the asset is not overbought and still has room for upward momentum. With sustained buying, the Dogwifhat price prediction hints at a potential 50% surge to challenge the $2.89 resistance, followed by an extended rally to $5.
WIF Price Prediction: Funding Rate Spike Signals Potential Rally
According to the Coinglass data, the WIF OI-weighted funding rate spiked to 0.0077%, indicating buyers are ready to buy this asset at a premium to hold long positions. Generally, this positive value reflects the market participants’ expectations for further rally.
Conversely, the Dogwifhat price prediction could experience a minor pullback to the breached trendline before launching the post-breakout rally. In such a scenario, the 20- and 50-day EMA could offer suitable pullback support.
However, if the retest enters the wedge structure, the bullish thesis will get invalidated and could drive a fall to the $1.25 floor.
Check out the article on top meme coins to buy for a detailed analysis.
Frequently Asked Questions (FAQs)
The Dogwifhat price prediction indicates a likely reversal after a 77% downtrend, with the potential to rally towards the $3 target following a key breakout from the falling wedge pattern.
The WIF funding rate spiked to 0.0077%, indicating that buyers are paying a premium to hold long positions, reflecting market confidence in a continued rally.
A pullback to the breached trendline could occur, and if the retest enters the wedge structure, the bullish outlook would be invalidated
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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