Dogwifhat Price Loses Near 50% Value In June — When Will It Bottom?
WIF is among the biggest losers today with prospects of continuing to decline. With the $1 support getting close, will we see a bounce?
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.
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.
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.
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