On March 31, the price of WIF hit a record high of nearly $5, marking the peak of a significant uptrend that started in February from a low of $0.20, resulting in a 3000% increase.
The upward movement culminated in a five-wave impulse pattern, which was followed by a subsequent downturn.
By May 19, WIF formed a base near $2.50 and continued its uptrend, rising by approximately 60%.
After a month of weak price action, dogwifhat has regained momentum and is close to reclaiming the $4 mark.
WIF price surged over 30% after breaking above a decisive symmetrical triangle and is now close to $4, just 12% below the all-time high.
To confirm a bullish breakout near the current ATH of $4.86, the price needs to close above the ascending trend line at around $4.
According to Coingabbar analysis, By the end of the month, dogwifhat could initiate a new bullish push towards new highs above $5.
However, a bearish reversal might pull the price back to its support trendline.
KEY LEVELS :
RESISTANCE LEVEL : $4.86000-$6.00000
SUPPORT LEVEL : $3.00000-$2.00000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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