Market Direction

dogwifhat tests $3 support, eyes recovery

Published: Nov 22, 2024

WIF approaches critical support at a price near $2.84 as retail activity remains low. Will $3.00 hold for a breakout above $3.40? Let’s analyze the setup.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

WIF has pulled back substantially from the major horizontal resistance at $4.60, and it has nearly eroded all of its Coinbase listing gains.
We initially thought that the $3.40 horizontal level would act as support, but unfortunately, the price broke below.
We have now identified a support area between $2.84 and $2.97. We expect that this area will be a major support, and we'd be very surprised if the price broke beneath it.
To the upside, the horizontal level of $3.40 will likely now act as short-term resistance.
The RSI has reset substantially, and it is now back in the middle territory.

7. WIF-USDT daily chart showcasing pullback levels, dynamic supports, and bearish divergence post-breakout.

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Next Support: $2.84 - $2.97
Next Resistance: $3.40
Direction: Neutral
Upside Target: $3.40 (then $4.00)
Downside Target: $2.84 - $2.97

Cryptonary's take

We were surprised to see WIF break below $3.40, but now, the closer it gets to $3.00, the more undervalued it looks, particularly as SOL has broken out of its range and reached new highs. If WIF were to visit the Grey box between $2.84 and $2.97, we'd be buyers of this range. Other than that, we continue to hold WIF Spot positions, and really, we're expecting WIF to range here for now. This is until retail comes back and begins dipping into new cycle meme coins. That's when we'd expect the breakout to the upside.