Market Direction

Dogwifhat approaches $2.20 resistance

Published: Jan 6, 2025

Dogwifhat ($WIF) builds strength, bouncing from $2.00 support and targeting $2.70. With RSI at 44, a breakout above $2.20 could spark further gains.

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As we expected a move up to the next horizontal resistance at $2.20, where we have an initial rejection.
Price did find a lot of support at $2.00, and we've seen a bounce from there so far, so that's positive.
A break above $2.20 and price likely swiftly sends to $2.70.
If the price does break down, we'd expect $1.96 to hold as support.
The RSI is only at 44, so there is a lot of room for this to go higher.
The RSI is also attempting to breach above its downtrend line. A breakout of this, and this would likely fuel the price breaking out of $2.20 and getting to $2.60.

7. DogwhaleUSDT daily chart showing descending resistance and support lines, alongside RSI indicating a potential bullish breakout.

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Next Support: $1.96
Next Resistance: $2.20
Direction: Bullish
Upside Target: $2.60
Downside Target: $2.00

Cryptonary's take

As we mentioned last week, WIF and other major SOL memes (aside from the AI stuff, which is moving) are likely waiting on SOL to reclaim a higher range, which it is now beginning to do. We'd expect a break out of the $2.20 area in the coming days/week, with $2.60 likely to be the first area that price retests. Let's see what we get.