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Dogwifhat Spikes 18% — Will WIF Reach A New All-Time High?

Last Updated May 28, 2024 3:22 PM
Nikola Lazic
Last Updated May 28, 2024 3:22 PM

Key Takeaways

  • Dogwifhat surged 18% today, May 28, indicating an emerging uptrend.
  • WIF tested ascending resistance, predicting future movements.
  • Potential for new all-time high amid bullish momentum.

The price of Dogwifhat increased today  by over 18%, from a low of $3.15 to a high of $3.85. This continued the uptrend from May 19, when it made a higher low of $2.50. Today’s high was also higher compared to May 6, which indicates a starting uptrend. 

With the all-time high being 31%, far from its current level, will this increase lead to a new one? 

WIF Price Context

On March 31, the price of WIF reached a record high of nearly $5, marking the peak of a substantial uptrend that began in February from a low of $0.20, representing a 3000% increase. This rise concluded with a five-wave impulse pattern, followed by a subsequent downturn.

 

WIF
WIFUSD | Credit: Nikola Lazic/Tradingview

On April 13, WIF dropped to $1.98, an interaction with the 0.618 Fibonacci retracement level. It quickly recovered, closing the 4-hour candle above $2.20. Since then, it has followed an ascending channel, reaching higher highs of $3.50 and $3.70 by May 6, and today a new one slightly above $3.80. 

Currently, WIF is testing its ascending resistance line. Consequently, two scenarios are ahead, both depending on the interaction outcome. 

WIF Price Prediction 

The formed ascending channel could either be a second sub-wave of a larger correction or a consolidative leading pattern in a new uptrend. This is why the interaction with its resistance will provide further confirmation. 

WIF could be sent to a breakout below the ascending channel support if rejected. We could anticipate a further drop with a magnitude of the same length as the downtrend from March 31 to April 13.  Our price target for the bearish outlook is set at the next Fibonacci level of 0.786 at $1.22. 

WIF
WIFUSD | Credit: Nikola Lazic/Tradingview

However, if a breakout above occurs, that would mark the continuation of the uptrend from May 19. Being wave 3, it would have the potential to bring the price of WIF to revisit its all-time high. After a short retracement for wave 4 to develop, another upturn will be seen, leading to a new all-time high of $5.50.  

Disclaimers

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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