Market Direction

WIF to $4.30 soon?

Published: Dec 4, 2024

As crypto markets stabilize, Dogwifhat ($WIF) is showing promising potential with tight ranges and bullish technical setups. Could a breakout above $3.40 ignite explosive action? Let’s explore key trends.

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 remained range-bound for a few weeks now between the support, grey box ($2.84 and $2.97) and the resistance of $3.40.
Between $2.55 and $2.97, there are large supports, and we expect WIF to be aggressively bid below $3.00.
A break above $3.40 would be the signal to us that WIF is breaking out, and from there, a swift move up to $4.30 is possible.
With price being range bound and subdued for a number of weeks, this has allowed the RSI to meaningfully reset, and now it sits in the middle territory and nowhere near overbought.

7. Dogwifhat ($WIF) daily price chart showing key resistance at $3.42 and support zones at $2.84, $2.55, and $1.96.

Next Support: $3.00
Next Resistance: $3.40
Direction: Neutral
Upside Target: $3.40 (then $4.00)
Downside Target: $3.00

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Cryptonary's take

We fully expect that once WIF breaks out to the upside, we will see more explosive action. That key level, we believe, is a clean break of $3.40. For now on WIF, we'll continue to just monitor the levels. We're not expecting any major breakdown, but if we were to see a move below $3.00, we expect bidders to come in. So, essentially, in the short-term, this is a waiting game whilst we expect price to just continue to be range-bound.