Dogwifhat (WIF) nears breakout, recovering 78% after hitting $1 low in August 2024.
WIF forms a symmetrical triangle, signaling a potential bullish breakout above resistance.
WIF’s 50-day moving average trends bullish, while 200-day MA poses resistance ahead.
Dogwifhat (WIF) is nearing a critical breakout point as it bounces back from a long downtrend. Using both technical indicators and market analysis, we can see signs of a potential upward price movement.
As of this writing, WIF is priced at $1.88. Over the last 24 hours, it has gained 10.59% and has a total market capitalization of $1.87 billion. Plus, the 24-hour trading volume also jumped by 33.74% to $409.5 million.
The WIF price dropped to a significant low of $1 on August 5, after a period of decline. But then, it recovered, pushing the price up by 78%. Over the past 50 days, WIF has formed a symmetrical triangle pattern, moving sideways and consolidating after testing key support levels.
It is now testing a major descending resistance level, which hints at a possible breakout. Technical analysis suggests that a break above this resistance could mean a shift into a new bullish phase for the…
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