Dogwifhat (WIF) Jumps 19% Since Monday, Signaling Start of New Uptrend

Key Takeaways

• WIF broke resistance, signaling a potential trend reversal.
• ABC correction could mark the end of wave 4.
• The next target is $3.40 if wave 5 is complete.

WIF surged from $0.20 to $4.88 from February to March, followed by corrections to $1.50 and a symmetrical triangle formation.

A recent breakout above descending resistance signals a possible continuation of the uptrend. This analysis examines key levels and the potential for further upside.

WIF Price Analysis

WIF experienced a surge in February, from $0.20 to $4.88 by late March, marking a nearly 4000% increase due to a five-wave impulse.

Following this peak, WIF declined to $1.98 by April 13 before rebounding above $2.30.

It continued upward within a rising channel, reaching $3.80 by May 29 before hitting resistance.

By June 24, WIF fell to a low of $1.50, completing an 85-day correction. After retesting this level in mid-July, WIF surged to nearly $3, though this rise was corrective and followed by a new low of $1 on Aug. 5.

This bounce could indicate the end of a WXYXZ correction from the March 31 peak of $4.80. A symmetrical triangle formed, lasting about 50 days, signaling the potential for an upturn after 127 days of declining price action with two corrective rebounds.

A reversal was confirmed as the price broke above the descending resistance anchored at the all-time high. It proceeded to a high of nearly $3 on Oct. 14, gaining 171% since the August low.

Since then, it has declined, retracing to $2.20 on Oct. 25, but another increase of 19% followed with the price potentially signaling the continuation of the previous uptrend. 

WIF Price Prediction

Examining the hourly chart, the increase from Aug. 5 might be the first sub-wave of a higher-degree five-wave pattern. This suggests the following consolidation, ending on Sept. 2, could be wave 2 in this structure.

According to the count, the next uptrend to Oct. 7 was its wave 3, while the subsequent decline to Oct. 25 was its wave four correction. We can spot a three-wave move that could be labeled as the ABC correction.

If this is true and ended on the recent low, the 19% recovery to a high of $2.70 yesterday could be the first lower-degree sub-wave of the higher-degree wave five. 

More upside could be seen as WIF makes another higher high with a price target of $3.40 ahead.