Will the Dogwifhat (WIF) Bull Flag Breakout Push Prices to $4? RSI Divergence Suggests It Might!
The WIF token is currently trading at $3.262, marking a 2.41% increase over the past 48 hours. The meme coin Dogwifhat holds a market capitalization of $3.285 billion, but its weekly performance remains negative, at -3.33%.
With renewed momentum visible in the price chart, speculation arises whether WIF can break through the $4 mark and potentially aim for $5. Let’s analyze.
Dogwifhat (WIF) Price Analysis
On the 4-hour chart, WIF shows a triangle pattern, forming after a strong rally between November 5 and 13. During this bullish run, the price surged from $1.8784 to a peak of $4.797, representing an impressive 124% increase.
A subsequent pullback lowered the closing price to $4.2207, but the market found critical support at $2.97, just below the psychological level of $3. This support formed the triangle pattern, completing a bull flag formation within the ongoing uptrend.
Key Factors Driving Future Movements
The bull flag indicates a strong potential for the continuation of the upward trend, while RSI divergence supports the likelihood of a breakout.
Based on Fibonacci levels, immediate price targets for WIF are $3.60 and $4.05. Conversely, key support remains at $2.97, with the 200-day SMA at $2.84 providing longer-term stability.
Conclusion
If bullish momentum persists, we could see a breakout above $4 in the coming days, reinforcing the strength of the bull market. The critical question remains whether WIF can overcome resistance levels and push even higher.
#dogwifhat , #MemeWatch2024 , #memecoin🚀🚀🚀 , #CryptoNewss , #wifhatdog
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
