Dogwifhat (WIF) Price Stabilizes Around $3 After Decline, Bounce Could Trigger Upturn
WIF price consolidates after it made a descending triangle breakout, but the downside pressure remains.
Key Takeaways
- WIF completed a five-wave impulse, peaking at $4.75.
- The price is testing at $2.92, a critical 0.5 Fibonacci support.
- RSI downtrend signals weakening bullish momentum and potential further correction.
WIF experienced a substantial rally after breaking out of a descending wedge in October, peaking at $4.75 on Nov. 13.
However, this marked the end of a five-wave impulsive structure, followed by a corrective ABC phase that is currently testing key Fibonacci support levels.
The outcome of this correction will determine whether WIF can resume its bullish trajectory or face further downside.
WIF Price Analysis
The daily chart highlights a significant rally following a breakout from the descending wedge structure in early October, propelling the price to $4.75 on Nov. 13.
However, the peak marked the conclusion of wave (v), and the price has since entered a corrective ABC structure.
The correction is testing the 0.5 Fibonacci retracement level at $3, a critical support zone. A breakdown below this level could lead to further downside toward $2.49 (0.618 Fib).
Conversely, if support holds, a potential rebound toward $3.89 (0.236 Fib), aligning with prior resistance levels, could occur.
The broader trend will likely remain corrective unless a breakout above $3.89 confirms renewed bullish momentum.
Key Observations:
- Five-Wave Completion: The chart shows a completed five-wave impulsive structure, peaking at $4.75 before entering a correction phase.
- Critical Fibonacci Levels: Price is currently consolidating near the 0.382 Fibonacci retracement at $3.35, with $2.92 (0.5 Fib) as the next key support.
- RSI Weakening: The RSI is trending lower, indicating reduced bullish momentum and the possibility of further downside during the corrective phase.
WIF Price Prediction
The hourly chart shows the price correcting sharply after peaking at $4.75, forming a descending triangle. The corrective phase has formed an ABC pattern, with wave A already completed and wave B resulting in a lower high.
Currently, the price is approaching the lower boundary of the corrective structure near $2.92, aligning with the 0.5 Fibonacci retracement level, leaving two possibilities ahead.
If wave C concludes at support near $2.92 or extends to $2.49 (0.618 Fib), a rebound is likely, potentially initiating a new bullish impulse.
Conversely, a breakdown below $2.49 could invalidate the bullish scenario, exposing the price to deeper retracements.
However, if the bullish outlook is confirmed, WIF could initiate another upward advancement, claiming higher values than in November.
Key Levels to Watch
Support Levels:
- $2.92 (0.5 Fibonacci): Immediate support within the ABC corrective phase.
- $2.49 (0.618 Fibonacci): Strong support zone critical for maintaining a bullish structure.
- $2.18: Key accumulation zone if correction deepens.
Resistance Levels:
- $3.35 (0.382 Fibonacci): Immediate resistance during any bounce within wave b.
- $3.89 (0.236 Fibonacci): A breakout here confirms wave b progression.
- $4.75: Key resistance marking the previous peak, critical for resuming a bullish trend.
Holding above $2.92 is crucial for the bullish scenario to remain intact. A breakout above $3.35 would validate wave b progression, with a potential upside toward $3.89.
However, failure to hold $2.49 could signal further downside, leading to retests of the lower support levels.
Dogwifhat (WIF) Correction Ends After 36% Slide — Price Sets Sights on $3.60
Dogwifhat Price Prediction 2025: WIF Price Set to Rise With Memecoin Popularity
Dogwifhat (WIF) Price Falls 33% From High as Price Hits Overbought Territory
