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The bulls are giving Dogwifhat the momentum to break out in the next cycle

  • Investors bullish on WIF are eyeing a “bottom,” signaling that $2 could be the bottom of the market.

  • If this trend holds, a breakout to $2.40 is likely.

Investors are expecting a bumpy ride for dogwifhat [WIF], with the price holding steady at $2.07, marking a 6% decline from the previous day’s close. Amid a volatile October for Bitcoin, the outlook for WIF remains uncertain.

However, TinTucBitcoin has noted an intriguing trend on the daily price chart. Despite the volatility from BTC's correction to $60,000, bullish investors continue to shake off weak hands and are likely to break through the mid-July resistance of $2.40. If successful, this could pave the way for a bullish rally. But first,

Flipping $2 into support is key

WIF hit an all-time high of $4.5851 about 180 days ago in late March. Since then, it has been on a downward trend, with investors struggling to regain the $3 level.

Over the past two months, WIF has been consolidating around $1, with investors making three attempts to break the $2 level, finally succeeding in late September when it reached $2.40.

WIF price chart

Source: TradingView

On the daily chart, three consecutive red candles coincided with a BTC pullback, taking WIF back to $2. However, there may be more going on than just dogwifhat following in Bitcoin’s footsteps.

According to TinTucBitcoin, $2 has been a generational entry point for WIF. If the rally turns $2 into support, the next resistance level could be around $2.40. If that level holds, a push to $3 could be within reach.

WIF investors are aiming for the “bottom”

Historically, spot traders have targeted the WIF bottom to prevent a correction. Therefore, to maintain the $2 support level, investors need to enter a consolidation phase.

At the time of writing, a noticeable increase in outflows suggests that bullish investors have started to withdraw WIF, expecting a rally to $3, as mentioned earlier.

net flow

Source: Coinglass

If this trend holds for several consecutive days, it could confirm that the previous $2 resistance has turned into support.

In that case, WIF can become very attractive to new investors, especially when the market faces increased volatility.

Therefore, it is necessary to keep a close eye on this situation. If the inflows into WIF continue to increase, a rally to $2.40 could meet little resistance, making dogwifhat a preferred choice over other Meme Coins and altcoins.

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