Dogwifhat (WIF) Price Hits 157-Day High — Sets Sights on $3.60
How Long Will the WIF Price Increase Continue? | Credit: Hameem Sarwar
Key Takeaways
- Dogwifhat (WIF) has increased rapidly since Nov.4
- The Dogwifhat price increase led to a 157-day high.
- How long will this increase continue?
The Dogwifhat (WIF) price bounced on Nov. 4 and has increased by 60% since. The upward movement led to a Dogwifhat price of $3.22 today, on Nov. 11, the highest price in 157 days.
WIF also broke out from a critical confluence of resistances, paving the way for an even more accelerated upward movement.
Therefore, let’s analyze the price action and see where WIF will head next.
WIF Price Breaks Out
The WIF chart in the daily time frame shows an upward movement ongoing since Aug. 5. The increase has followed an ascending support trend line.
On Nov. 4, the WIF price bounced (white icon) at the ascending support trend line and the $2 horizontal support area. This accelerated the rate of increase, leading to a high of $3.22 on Nov. 11, the highest price in 157 days.
WIF broke out from the critical resistance during the upward movement at $2.95-$3. This is a horizontal resistance area and the 0.5 Fibonacci retracement resistance level.
Therefore, if the Dogwifhat price increase continues, the next resistance will be $3.70.
Technical indicators are bullish, suggesting the upward movement will continue. The Relative Strength Index (RSI) is above 50, while the Moving Average Convergence/Divergence (MACD) is above 0. Both are trending upward.
Therefore, the daily time frame chart suggests WIF has started a bullish trend reversal that will lead to new highs.
What Analysts are Saying
WIF sentiment on X is mostly bullish. The CryptoBull tweeted that the hat stays on until the price reaches $25.
Bluntz_Capital says the price has completed an inverse head and shoulders pattern and broken out with large volume. As a result, he predicts a new all-time high price.
AltStreet Bets also believes the WIF crypto price will reach a new all-time high, though he uses the wave count to conclude.
The last bear standing is Credible Crypto, predicting a correction in both the WIF/USD and WIF/BTC pairs.
Let’s look at the wave count and see what is more likely.
WIF Price Increase Continues
The wave count aligns with the bullish readings from the daily time frame.
It suggests the WIF price is in the fifth and final wave of the increase that started in August. The five-wave increase is a leading diagonal, evident by the ascending, broadening wedge shape and the overlap between waves one and four.
The first target for the top of the WIF upward movement is between $3.50 and $3.60. Waves one and five are the same length (white), and the lower portion of the target is found by giving them the same length.
The target also aligns with the horizontal resistance area from the daily chart. After WIF reaches it, a portion of August’s upward movement could be retraced.
Final Upward Movement
The WIF price is nearing the top of the upward movement that started on Aug. 5.
The price action, indicator readings, and wave count all suggest the rally has one more push left, which can take the price anywhere between $3.50 and $3.70.
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