Dogwifhat (WIF) Price Nears Breakout as 50-Day Consolidation Ends
WIF price consolidates in a symmetrical triangle for around 50 days and is now testing its resistance. A breakout above could signal a starting bull phase.
Key Takeaways
- WIF surged nearly 4,000%, peaking at $4.85 in March.
- August low of $1 must hold to confirm the uptrend.
- A breakout above resistance could trigger a new bullish phase.
The Dogwifhat (WIF) price fell to a low of $1 on Aug. 5 and made a recovery of 78%. Despite the initial recovery, it formed a symmetrical triangle and moved sideways for around 50 days. As the price approaches the triangle’s apex and is currently testing its major descending resistance, a breakout above will be a strong sign of a new bullish phase.
WIF Price Analysis
WIF saw a dramatic surge in February, from $0.20 to $4.88 by late March, marking nearly a 4,000% increase following a five-wave impulse. After peaking, WIF dropped to $1.98 by April 13 but quickly rebounded above $2.30.
Since then, it ascended within a rising channel, reaching $3.80 by May 29 before encountering 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, followed by another drop to a new low of $1 on Aug. 5.
Read More: Dogwifhat Price Prediction 2024: WIF Price Analysis
A bounce from this point may have signaled the end of the WXYXZ correction from its March 31 peak of $4.80. We saw a symmetrical triangle forming that lasted around 50 days. This came after 127 days of declining price action with two corrective increases in between, hinting at the potential for an upturn.
To confirm this, WIF must hold above the Aug. 5 low. Otherwise, it risks further decline toward the $0.80 range. Since Sept. 16, WIF increased again, putting pressure on the descending channel’s resistance. A breakout above could signal the onset of a new bullish phase.
WIF Price Prediction
Looking closely at the hourly chart, the increase from Aug. 5 could be the first sub-wave of the higher-degree five-wave move. This makes the following consolidation its corrective wave two that ended Sept. 2.
If this is true, we have seen the beginning of a new bull phase. Further confirmation is needed as the symmetrical triangle consolidation could be followed by decreasing price action. What happens at the descending resistance will dictate the future outlooks. A breakout will confirm the bullish period ahead, while a rejection could imply that WIF will face more downside.
But if it does break out to the upside, our next likely target would be $2.80 at the 1.618 Fibonacci extension level. Failing to do so would mean its long-lasting correction still has one lower low ahead, falling below $1 before it ends.
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