Market Direction

Dogwifhat faces $1.10-$1.20 bottom

Published: Jan 21, 2025

Dogwifhat (WIF) struggles below $1.96 resistance, testing $1.40-$1.60 support. Hidden bearish divergence signals a potential downside, with $1.10-$1.20 as a possible bottoming area for recovery.

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Price broke out of the local downtrend line and moved up to the horizontal resistance at $1.96. This is where we saw the hidden bearish divergence form and then sent the price to new lows.
Price is currently trying to hold at the old support/order block between $1.40 and $1.60.
The RSI broke out of the downtrend, which was good to see. However, it did mean the creation of a hidden bearish divergence.
The RSI remains close to overbought territory, and we are currently putting in another bullish divergence, with potential at this local low.

7. Dogwifhat price chart highlighting key resistance at $2.23, support zones at $1.10 and $0.79, with RSI analysis included.

Next Support: $1.40
Next Resistance: $1.60
Direction: Bearish
Upside Target: $1.60
Downside Target: $1.20

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Cryptonary's take

It's hard to know what happens with WIF here, but the liquidity sucks as cost SOL memes, and WIF has been one of those that has suffered. In terms of this turning around, we'd be looking for it to bottom out. This would be forming some kind of rounded bottom.

Does this go as low as the Yellow Box? We think there is still room for this to go lower to potentially $1.10 to $1.20 in the short term, although we'd expect that to be the area where it begins bottoming out.