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WIF Targets $4 as Bullish Momentum Builds Above $3 Support
WIF Targets $4 as Bullish Momentum Builds Above $3 Support
November 26, 2024
PAWFURY WIF Crypto Project
Will a bullish flag breakout extend the Dogwifhat (WIF) price rally as the RSI divergence points to a $4 price target?
Currently, the WIF token is trading at a market price of $3.262 with a 24-hour increase of 2.41%. The Dogwifhat meme coin has a market cap of $3.285 billion, and the 7-day return stands at negative 3.33%.
With a recovery in intraday trading indicating renewed momentum, will the WIF price trend regain bullish momentum to reach the $5 mark? Let’s find out.
Dogwifhat (WIF) Price Analysis
The WIF price action reveals a triangle pattern on the 4-hour chart. This pattern emerges after a significant bull run between November 5 and 13.
WIF Price Chart
The bull run propelled the price from $1.8784 to a peak of $4.797. However, the subsequent pullback caused the closing price to drop to $4.2207, resulting in a price surge of 124%.
Following strong resistance, the formation of lower highs in Dogwifhat’s price has led to a pattern of resistance trend lines, which have restricted bullish growth on the 4-hour chart for the past two days.
The key support level at $2.97, just below the psychological level of $3, is holding the WIF price. This has formed a triangle pattern, completing a bullish flag within the current uptrend. Along with the resistance trend line, the bearish crossover of the 50-day and 100-day SMA lines has limited bullish momentum.
Important Price Levels as WIF Reaches a Crossroads
The bullish flag suggests a continuation of the uptrend, and the RSI line shows bullish divergence, increasing the likelihood of a breakout rally that could extend the Dogwifhat price surge.
Using Fibonacci levels based on the trend, the immediate price targets for WIF tokens are $3.60 and $4.05. On the other hand, the crucial support level is at $2.97, and the 200-day SMA line is at $2.84.
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