Crypto analyst Jonathan Carter has spotted a key technical pattern forming in Dogwifhat’s price movement. The emerging token’s chart analysis suggests a possible major price surge in the coming weeks. The falling wedge pattern typically signals a bullish reversal in crypto markets.
What you'll learn 👉
WIF’s Technical Setup Points to Bullish Reversal
Carter highlighted WIF’s falling wedge pattern formation on the daily timeframe. Carter noted that the token is currently testing its lower support level. The pattern shows converging trendlines with lower highs and lower lows. Technical indicators suggest the token might be preparing for an upward breakout.
The WIF price currently trades at $1.43, following a 3.61% decline over the past day. Carter’s analysis points to three key price targets: $1.97, $2.20, and $2.83. Trading volume stands at $644.5 million, with decreasing volume aligning with the wedge pattern formation.
#WIF
— Jonathan Carter (@JohncyCrypto) January 20, 2025
Token is developing a falling wedge pattern on the daily chart and is currently testing the lower support👀
A clean break above resistance could lead to targets at $1.97, $2.20, and $2.83, representing a 90-100% rally🎯 pic.twitter.com/opoGpvheJA
The token maintains its position above the crucial EMA 200 at $0.6924, suggesting underlying strength. The RSI reading of 46.94 indicates neutral momentum with potential for reversal.
WIF’s current price action near the lower Bollinger Band suggests possible oversold conditions. The MACD shows signs of positive momentum, with the indicator line positioning above the signal line.
Read also: Elon Musk and His Team Launch The Official Website of DOGE, Dogecoin Used As an Avatar
Breaking Down Critical Levels
Traders should watch the immediate resistance level near $1.10 for confirmation of the bullish breakout. The pattern’s lower support zone between $0.90 and $0.95 remains crucial for maintaining bullish momentum.
A successful break above resistance could trigger the projected 90-100% rally. However, a drop below $0.90 might invalidate the entire bullish setup.
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