WIF Price at $3 Signals Rounding Bottom Breakout to $7.42

Published by

Sohrab Khawas

November 26, 2024

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?

Dogwifhat Price Performance

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.

Technical indicators:

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.

Will the WIF Price Bounce Back for a New ATH at $5?

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.

FAQs

What pattern is forming in the WIF price trend?

The WIF price trend shows a rounding bottom reversal. Furthermore, the potential W-bottom fuels the WIF price.

What are the key price levels for WIF?

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.

What indicators support a bullish breakout for WIF price?

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.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas

Tags: Price Analysis