As Bitcoin drops below $95,000, the broader market recovery takes a sharp blow as the November rally ends on a pullback note. Amid the increased supply, the WIF price trend is back to the $3 support.
Amid the quick pullback, WIF prices are at a crucial crossroads in deciding the December trend’s fate. Will the pullback crash under $3 or is a bounce back to $7 at the horizon?
The WIF price trend showcases a rounding reversal rally that is gaining momentum. Starting from the $1.262 mark, the high and low formation in WIF price has crossed the $3 psychological mark.
The recovery rally peaked at $4.797, but with the broader market correction, the meme coin is back at $3. It is currently trading at $3.13 and finds support from 78.60% Fibonacci level at $2.9845.
As a retest, the WIF price trend is teasing a W-bottom reversal despite the long wake formation. The uptrend failed to sustain dominance above the $3.7733 or 100% Fibonacci level.
Currently, the meme coin is consolidating between two crucial zones. A breakout on either side will decide the upcoming price trend.
EMA: Providing dynamic support, the rising 50-day EMA is inching closer to the 78.60% Fibonacci level.
MACD: The MACD indicator maintains a reclining trend with a surge of bearish histograms.
With an intraday pullback of 1.83%, the meme coin is pointing to the bearish candle. Prior to this pullback, the meme coin registered a massive surge of 116%. Hence, the ongoing pullback is a potential retest and is likely to bounce back.
Based on the Fibonacci level, the downside price targets are at $6.7180 and the Fibonacci level at $2.48. In case of a bullish breakout, the upside potential price targets are at $5.08 and $7.427. The rounding bottom pattern shows an increased chance of a bullish breakout as the broader market recovers.
Will the WIF price reach $10? Find out now in Coinpedia’s latest Dogwifhat price prediction.
The WIF price trend shows a rounding bottom reversal. Furthermore, the potential W-bottom fuels the WIF price.
Key support lies at the 78.60% Fibonacci level of $2.9845, while resistance is at $3.77 (100% Fibonacci level). Upside targets include $5.08 and $7.427.
The rounding bottom pattern, rising 50-day EMA near the 78.60% Fibonacci level, and a broader market recovery increase the chances of a bullish breakout.
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