There has been a price decline over the past few weeks. As of December 28, 2024, WIF has begun to experience upward momentum, with price surges more noticeable compared to other assets.
WIF’s significant price surge can be explained by a recent breakout of the downward price action pattern, interest from long-term holders, and changes in market sentiment across cryptocurrencies.
Dogwifhat (WIF) technical analysis and future levels
According to expert technical analysis, WIF not only broke out of its falling price pattern, but also successfully retested the important support level of $1.80. The latest application for WIF is the third such occurrence since November 2024.
WIF price prediction
Based on historical price momentum, whenever a meme coin reaches this level, it will experience buying pressure and notable upward momentum.
This time, experts and analysts are predicting a similar kind of upward momentum in the future. Based on recent price action, if WIF successfully violates the descending triangle price action pattern and closes the 4-hour candle above the $1.945 line, it is likely to rise 35% in the coming days and reach the $2.65 level.
WIF’s bullish thesis is only valid if it successfully breaks and closes the candle above the sloping trend line, otherwise it may fail.
$16 million worth of WIF leaked
In addition to this bullish price action, investors and long-term holders have continued to accumulate tokens even as the price struggles to gain momentum, according to a report by on-chain analytics firm Coinglass.
According to WIF spot inflow/outflow data, WIF Meme Coins have seen $16 million worth of outflows across the cryptocurrency landscape. The term “outflow” refers to the movement of assets from an exchange to a wallet address, potentially indicating upward momentum and an ideal buying opportunity.
Current price momentum
At press time, WIF is trading near $1.92 and has experienced upward momentum of over 4% over the past 24 hours. During the same period, trading volume surged by 15%, which means that the participation of traders and investors has increased due to the recent surge.