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Dogwifhat Price Loses Near 50% Value In June — When Will It Bottom?

Published June 21, 2024 3:14 PM
Nikola Lazic
Published June 21, 2024 3:14 PM

Key Takeaways

  • Dogwifhat lost nearly 50% of its value in June.
  • WIF price saw sharp rejection at resistance, now at $1.80.
  • Further declines are possible; this could mark a larger ABC correction’s end.

In June, Dogwifhat experienced a significant downturn, losing nearly 50% of its value, and was one of the biggest losers among the top 100 coins per Coinmarketcap data. This is a stark reversal from its previous upward trajectory. After peaking at slightly above $3.80 on May 29, the price plummeted sharply, stirring concerns among investors about the potential bottom. 

WIF Price Analysis 

WIF peaked at nearly $5 on March 31, climaxing a dramatic uptrend that started in February from a low of $0.20, a whopping 3000% increase. This surge was characterized by a five-wave impulse pattern, culminating in a downturn. On April 13, WIF hit $1.98, coinciding with the 0.618 Fibonacci retracement level, but swiftly recovered, ending the daily candle above $2.30. 

WIF
WIFUSD | Credit: Nikola Lazic/Tradingview

Since then, it has been climbing within an ascending channel, registering progressively higher highs, and it edged just above $3.80 on May 29. WIF attempted to break out to the upside above the resistance line but was rejected. The ongoing pattern could represent a third sub-wave within a larger correction or a consolidation phase preceding a new uptrend. 

The daily chart RSI reached the oversold zone, reaching 30%, but there are no signs of a reversal. This is why a further decline could follow, with the 0.786 Fib at the $1.20 level being its next target.

Today, June 21, WIF made a lower low than April 13 and is now trading at $1.80. This adds to the assumption of a further decline, with the MACD still showing bearish momentum. 

WIF
WIFUSD | Credit: Nikola Lazic/Tradingview

Zooming into the hourly chart, we can count a five-wave pattern from May 29, with WIF likely now developing its ending wave from June 16. As it started, its lower degree wave 3 out target of $1.20 would bring WIF down by another 36%. 

However, after this decline ends, it could mark the completion of a larger ABC correction, establishing a bottom above $1. If this happens, the price could make a shart upturn and commence a more significant uptrend, leading to higher prices later in 2024. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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