Dogwifhat (WIF) has been on the move after breaking out of a six-month descending channel, signaling a potential shift in momentum. According to crypto analyst Captain Faibik, this breakout could pave the way for a price surge, with projections indicating a possible 150% move.
As traders react to this technical development, WIF is positioned for a possible bullish run, offering a fresh opportunity for market participants.
What you'll learn 👉
WIF Descending Channel Breakout
Captain Faibik shared a chart showcasing WIF’s confirmed breakout after six months of trading within a descending channel. The channel, characterized by lower highs and lower lows, created a downward sloping resistance that kept WIF in consolidation.
However, the recent price action pushed WIF past the upper boundary at $2.535, indicating a new bullish trend. This breakout has the potential to change the token’s trajectory, as the former resistance level may now serve as support.
The analyst pointed out that the breakout level is critical for maintaining upward momentum. A successful retest of $2.535 could confirm the strength of the breakout and encourage further buying interest.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Top 3 Cryptos That Could Do 5-10x In Q4 This Year
Target Projection and Potential Price Movement
Following the breakout, technical projections for WIF estimate a target price of $6.200, translating to a potential 150% increase. This projection is based on the height of the descending channel, which has been extended from the breakout point to forecast future gains.
If the new support at $2.535 holds, WIF could see a continued rise toward this ambitious target. Market participants should watch historical resistance levels between the current price and the $6.200 target, as these could act as temporary obstacles along the way.
The market’s reaction to WIF’s breakout has been noticeable, with a 24-hour trading volume exceeding $1.2 billion, according to CoinGecko. Despite a recent 8.19% decline in the last 24 hours, WIF’s price has gained 4.51% over the past week, reflecting renewed investor interest following the breakout.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
