The broader market recovery took a major hit as the November rally ended on a downside as Bitcoin fell below $95,000. Amid supply increases, the WIF price trend has returned to the $3 support line.
Amid the rapid decline, WIF prices are at a critical crossroads that will determine the fate of the December trend. Will the downtrend break down below $3, or will we see a bounce back to $7 soon?
Dogwifhat Price Performance
The WIF price trend shows a rounding reversal rally gaining momentum. Starting from $1.262, the high and low formation of WIF price psychologically exceeded $3.
Trading View
The recovery rally peaked at $4.797, but a broader market correction brought the meme coin back to $3. It is currently trading at $3.13 and has support at the 78.60% Fibonacci level at $2.9845.
As a retest, the WIF price trend is predicting a W-bottom reversal despite a long wake formation. The uptrend failed to maintain its advantage above $3.7733 or the 100% Fibonacci level.
Currently, meme coins are consolidating between two important areas: A breakout on either side will determine the future price trend.
Technical indicators:
EMA: The rising 50-day EMA provides dynamic support and is inching closer to the 78.60% Fibonacci level.
MACD: The MACD indicator is maintaining a downtrend with a surge in the bearish histogram.
Will the WIF price of the new ATH rebound to $5?
MEM Coin, which fell 1.83% intraday, is pointing to a downward trend. Before this drop, the meme coin had seen a massive surge of 116%. Therefore, the ongoing downtrend is a potential retest and a bounce is likely.
Based on Fibonacci levels, the downside price target is $6.7180 and the Fibonacci level is $2.48. In case of a bullish breakout, upside potential price targets are $5.08 and $7.427. A rounding bottom pattern shows that the likelihood of a bullish breakout increases as the broader market recovers.
Will WIF price reach $10? Find out now with Coinpedia’s latest Dogwifhat price prediction.
Frequently Asked Questions
WIF price trend shows round bottom reversal. Moreover, a potential W-bottom promotes WIF prices.
Key support is at $2.9845, which is the 78.60% Fibonacci level, and resistance is at $3.77 (100% Fibonacci level). Upside targets include $5.08 and $7.427.
A rounding bottom pattern, rising 50-day EMA near the 78.60% Fibonacci level, and a broad market recovery have increased the likelihood of a bullish breakout.