Market Direction

dogwifhat (WIF) price prediction today: Is $1.60 a resistance or a new support?

Updated: Aug 27, 2024

Published: Aug 20, 2024

We're pleasantly surprised to see WIF move back up to retest $1.60, having lost that level of support and fallen well below it.
However, it's now likely that $1.60 acts as new resistance, so we wouldn't be too excited until $1.60 can be reclaimed and flipped into new support.
If WIF were to pull back from here, we'd expect the $ 1.30's to be retested.
To the upside, there seems to be a lot to do, especially considering the next major horizontal level (above $1.60) is $2.20, which would likely act as local resistance along with the local downtrend line.
The RSI is in a clean middle territory, suggesting more upside.

Dogwifhat's technical analysis chart showing price movements with key resistance levels and RSI indicators, highlighting trendlines and potential breakout points

Cryptonary's take

In the immediate term, it's hard to be super positive about WIF here until it can convincingly close above $1.60. Over the coming days, we expect it to be range-bound between $1.30 and $1.60. We will reassess after J Powell speaks on Friday. If we see a convincing break out of $1.60, we would consider that a very positive development.