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DOGWIFHAT PRICE ANALYSIS & PREDICTION (December 20) – WIF Breaks This Support Line Following A 40% Correction In A Month, What Next?
Yesterday saw Dogwifhat (WIF) break below an ascending trendline that had held as support since August. The sudden 40% correction in just a month has raised concerns about the cryptocurrency’s future trajectory. Despite this significant downturn, WIF’s daily chart still appears bullish, but the trend now seems to be shifting towards the downside.
The asset tested $2.15 earlier today and experienced a brief bounce before settling at around $2.27 as of now. While WIF has yet to establish support, it may revisit November’s low before potentially resuming its uptrend. Holding the current daily low (as support) could lead to a fresh buying opportunity.
WIF has plummeted by over 50% since losing grip above $4.8 in early November, joining other major meme coins like Bonk Inu, which has dropped by more than 40%. The market is currently under bearish pressure.
As WIF’s price is reevaluating its support levels, several key points will determine the next course of action. If the asset recovers higher, it could potentially retest the $2.54 level that was previously broken as support yesterday. Above this lies the minor $3.2 resistance and then the monthly $4 resistance level. A climb above these hurdles might pave the way for a full recovery to $4.86 before breaking higher.
Conversely, if WIF’s price breaks lower, the November $1.9 low would become the next support to keep an eye on. Other crucial support levels include $1.6 and $1.3.
Source: nulltx.com
