Market Direction

WIF eyes $2.20 breakout after pullback

Published: Dec 31, 2024

Dogwifhat ($WIF) struggles below $1.96 resistance but finds support between $1.50 and $1.80. Oversold RSI recovery signals potential bounce toward $2.20 in the coming weeks.

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Overall, price action has been disastrous, with price struggling to put in a meaningful bounce, which we have got on other major pullbacks.
Price has broken through a lot of key levels, and it's now using the $1.96 horizontal level as a local resistance.
Beyond $1.96, $2.20 is the key level for the price to breach above.
There is huge support between $1.50 and $1.80, so that's a positive.
What's also positive is that in this pullback, the RSI became oversold, and it is now breaching the lows and breaking above its moving average. This is the first sign of positivity we've seen for a while.

7. WIF daily chart highlighting support between 1.50 and 1.80, resistance at 2.20, and oversold RSI bounce.

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Next Support: $1.80
Next Resistance: $2.20
Direction: Neutral (Bullish)
Upside Target: $2.20
Downside Target: $1.80

Cryptonary's take

Overall, chart-wise, this really looks like it's due for a more meaningful bounce. However, what is a concern is that we haven't seen a meaningful bounce already, although it's possible we can put that down to the time of year when big traders are away from their desks, and therefore the liquidity just isn't there in the market currently.

In the coming week, we expect WIF to move up to $2.20 and retest that level. It'll be key to judge the price action at $2.20, assuming we get a retest of that level. A strong reaction at that level is needed if we're to see higher prices in the coming weeks/months.