Dogwifhat Price at a Critical Point, Will It Plunge or Break Out?

The #Dogwifhat price has printed a series of lower lows and lower highs over the past few days. This has resulted in the formation of a medium-term negative price channel. Should the meme coin keep trading in this descending range, it might soon test the $1.6695 support level.

Continued sell pressure should $WIF fall to this technical crutch could expose it to the risk of falling to the subsequent mark at $1.3610 in the following few days.

On the other hand, the bearish thesis might be invalidated if the Dogwifhat price is able to maintain a position above the $1.6695 support level for the next 48 hours. In this alternative scenario, WIF could attempt to escape the bearish price channel. 

Nevertheless, #WIF might remain at risk until it is able to sustain a position above $2.1880, which is around the same level as the upper boundary of the negative channel. Consecutive 4-hour candle closes above this key price point could be seen as a long entry by traders. 

With this potential buy pressure, the Dogwifhat price might have the backing needed to rise to $2.6290. In an extremely bullish situation, WIF could even overcome this technical barrier and continue climbing in the following couple of days.

Technical indicators on WIF’s 4-hour chart suggest the meme coin’s price might rise in the upcoming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs. #Memecoins #altcoins #MemeWatch2024
The full analysis was originally posted on ecoinimist.com.