The popular meme coin Dogwifhat (WIF) has finally shown signs of breakout from its downtrend. The price is pointing to a potential upward. An analysis from World Of Charts showed the promising technical setup that could drive WIF to new local highs.
According to World Of Charts, WIF is showing strong indicators for an imminent relief rally. “Looking good for relief rally, falling wedge has got already got cleared, expecting move towards 0.80-0.84$,” the analyst stated in an X post.
The hourly price chart of WIF/USDT reveals a well-defined falling wedge pattern that has been forming since early February. This pattern, characterized by lower highs and lower lows with a gradually narrowing range, is often seen as a bullish reversal indicator when broken to the upside.
WIF has already accomplished the critical breakout from this pattern, with price action decisively moving above the upper trendline of the wedge. This transition signals a potential shift in market sentiment from bearish to bullish momentum.
Targeting Key Price Levels
The breakout from the falling wedge has been accompanied by strong bullish momentum in recent candles, reinforcing the validity of this technical move. World Of Charts has identified $0.80-$0.84 as the primary target zone for this rally, which coincides with previous significant resistance levels.
Read Also: How Many XPR Tokens Do You Need to Become a Millionaire?
Before reaching this target, traders should keep an eye on immediate resistance around the $0.70-$0.72 area, where some temporary rejection might occur. However, if the bullish momentum continues, WIF could push through this zone on its way to the higher target.
Importantly, the former resistance of the wedge pattern (approximately $0.60) should now function as support if any retracement occurs. This level will be crucial in determining whether the breakout maintains its validity.
The current setup has caught the attention of many traders who follow this popular meme coin. If World Of Charts’ analysis proves accurate, WIF could be poised for its most significant upward move in recent weeks, potentially rewarding those who maintained positions through the consolidation period.
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.
