Dogwifhat (WIF) Finally Breaks Out: WIF Price Chart Shows Potential 150% Move
- Patricia ArquetteOriginal
- 2024-10-09 07:12:20878browse
Dogwifhat (WIF) has been on the move after breaking out of a six-month descending channel, signaling a potential shift in momentum.
Crypto analyst Captain Faibik has shared a new technical analysis for Dogwifhat (WIF), highlighting a six-month descending channel breakout, which could lead to a potential 150% price surge.
As evident from the chart, WIF has been trading within a descending channel since June 2023, forming lower highs and lower lows. This pattern created a resistance zone around $2.535, hindering WIF's upward movement.
However, recent price action pushed WIF above this upper boundary, signaling a breakout from the consolidation channel. This breakout occurred at $2.535, marking a crucial level for maintaining bullish momentum.
Captain Faibik noted that a successful retest of $2.535 could confirm the strength of the breakout and attract further buying interest, potentially driving the token's price toward higher targets.
Following the breakout, technical projections for WIF estimate a target price of $6.200, indicating a potential 150% price increase from the breakout level.
This target is derived by measuring the height of the descending channel and extending it from the breakout point to forecast future gains.
If the new support at $2.535 remains intact, WIF could continue its ascent toward this ambitious target.
However, traders should be aware of any historical resistance levels between the current price and $6.200, as these may create temporary obstacles along the way.
According to CoinGecko, WIF's breakout has garnered significant market attention, with a 24-hour trading volume exceeding $1.2 billion.
Despite a recent 8.19% decline in the last 24 hours, WIF's price has gained 4.51% over the past week, reflecting a renewed interest from investors following the breakout.
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