Dogwifhat has experienced a sharp decline, prompting discussions about a potential rebound. The price has dropped to approximately $0.59 after breaking key support levels. This movement follows a broader bearish trend, with WIF’s price showing signs of weakness since reaching highs near $5.50 earlier in the year.
Veteran analyst The Cryptomist shared insights on X (formerly Twitter), pointing out that WIF is at 3-day trend support and suggesting that market conditions could lead to a price recovery. She also indicated $1.40 as the next resistance level, with expectations of a bounce similar in intensity to the recent drop.
Market Trends and Dogwifhat Price Movements
The recent downtrend in WIF’s price follows a breakdown from a descending triangle pattern, where horizontal resistance near $1.70 failed to hold. After consolidating for a period, the price moved sharply downward, breaking its last support trendline and falling below key levels.
Right now, WIF is trading near $0.59, with a potential for consolidation before making its next move. If buyers step in at this level, a short-term bounce could occur. However, further downside remains possible if bearish momentum continues.
WIF Key Support and Resistance Levels
Technical analysis indicates that $0.59 serves as a key support level, where some buyers may attempt to stabilize the price. If this support fails, the next major zone of interest is between $0.20 and $0.25, a level that could attract stronger buying activity.
On the upside, $1.00 is a psychological resistance level that may slow down any upward movement. Beyond that, $1.40 is the next major resistance, aligning with the target mentioned in The Cryptomist’s tweet. If momentum shifts, reclaiming $1.70 would be necessary for a sustained bullish trend.
Read Also: Could Sonic (S) Price Skyrocket to Double Digits as Onchain Metrics Go Parabolic? Analyst
Market Outlook and Next Steps
Looking at WIF’s price, it makes sense to hold off on any big moves right now, even though the overall market plays a big role. If the price drops under $0.59, we might see it fall further. But if it climbs back above $1.00, that could mean things are turning around. Monitoring volume and overall market trends will be essential in assessing WIF’s next direction.
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