Dogwifhat price prediction signals an 8% during the Asian trading session on Tuesday, emerging among the top gainers according to Coinmarketcap. The sharp upswing gave a decisive breakout from the key resistance of a 6-month correction trend, signaling the potential for further rally.
Dogwifhat Price Prediction: Reversal Looms After 77% Decline, Is a $3 Target Next?
Amid the two-month consolidation in the broader market, the Dogwifhat price prediction shifted its prevailing correction trend to sideways above the $1.25 support. The lateral trading witnessed renewed bullish momentum from bottom support and tilted upward after the 0.5% rate cut by the Federal Reverse.
Defying the low volatility crypto trading on Tuesday, the WIF price surged 8%, giving a decisive breakout from the key resistance trendline of the falling wedge pattern. Before the breakout, the chart setup drove a steady downtrend for nearly six months and plunged the asset from $4.86 to $1.08 low— a 77% loss.
Renowned trader BluntzCapital highlighted the significance of this potential breakout to his 257.7k followers on X (formerly Twitter), asking, “Are you ready for round 2?” This statement reflects his anticipation of a possible major price rally, urging traders to prepare for the next wave of market action.
$wif is a bees dick away from a major -77% downtrend breakout, strap in, are you ready for round 2? pic.twitter.com/QMg7K5Z2Gd
— Bluntz (@Bluntz_Capital) September 24, 2024
The Relative Strength Index (RSI) at 62% suggests that the asset is not overbought and still has room for upward momentum. With sustained buying, the Dogwifhat price prediction hints at a potential 50% surge to challenge the $2.89 resistance, followed by an extended rally to $5.
WIF/USDT -1d Chart
WIF Price Prediction: Funding Rate Spike Signals Potential Rally
According to the Coinglass data, the WIF OI-weighted funding rate spiked to 0.0077%, indicating buyers are ready to buy this asset at a premium to hold long positions. Generally, this positive value reflects the market participants’ expectations for further rally.
WIF Funding Rate | Coinglass
Conversely, the Dogwifhat price prediction could experience a minor pullback to the breached trendline before launching the post-breakout rally. In such a scenario, the 20- and 50-day EMA could offer suitable pullback support.
However, if the retest enters the wedge structure, the bullish thesis will get invalidated and could drive a fall to the $1.25 floor.
Check out the article on top meme coins to buy for a detailed analysis.
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