news 
DOGWIFHAT PRICE ANALYSIS & PREDICTION (December 20) – WIF Breaks This Support Line Following A 40% Correction In A Month, What Next?
Yesterday marked a significant turn of events as WIF broke below an ascending trendline that had held strong for four months. The asset’s price plummeted, leading to a brief recovery above $2 before returning to its current weak state, having lost approximately 30% in just seven days.
As the crypto market continues to decline, many meme coins are also taking a hit. In fact, WIF has already seen a staggering 50% correction since early November when it failed to hold above the crucial $4.8 mark.
Unsurprisingly, the bears are now firmly in control of the market. This sudden shift in trend has raised concerns about the asset’s future prospects. However, it’s essential to note that WIF’s daily chart still appears bullish in nature. Nevertheless, yesterday’s break below the ascending trendline has shifted the focus towards a potentially bearish trend.
Currently trading at around $2.27, the price is hovering above its current daily low, which could serve as support if maintained. A brief rebound to re-test November’s low before resuming its upward trajectory is a plausible scenario.
Several key levels will dictate WIF’s future direction. If the asset can recover higher and recapture some of its lost ground, it may revisit the $2.54 level that acted as resistance earlier yesterday. Above this mark lies the minor $3.2 resistance, followed by the more substantial $4 monthly resistance. A push above these levels could ultimately lead to a full recovery at $4.86 before extending gains further.
Conversely, if WIF’s price fails to recover and breaks lower, it may seek support at November’s low of $1.9. Other crucial support levels include $1.6 and $1.3.
As always, it is essential for traders and investors to remain cautious and do their own research before making any investment decisions in the highly volatile crypto market.
Disclaimer: This article does not constitute trading or investment advice. Always conduct thorough research before investing in any cryptocurrency or service.
Source: nulltx.com
