drop in prices that it has experienced in recent weeks. As of today, December 28, 2024, WIF has started to experience upward momentum, with the price surge notably standing out compared to other assets.
The significant rise in WIF price can be explained by the recent breakout of the downward price action pattern, interest from long-term holders, and the change in market sentiment across the cryptocurrency landscape.
Dogwifhat (WIF) Technical Analysis and Upcoming Level
According to expert technical analysis, WIF not only broke a downward price trend but also successfully retested its crucial support level of $1.80. This recent support for WIF is the third occurrence since November 2024.
WIF Price Prediction
Based on historical price dynamics, whenever the meme coin reaches this level, it experiences buying pressure and notable bullish momentum.
This time, experts and analysts expect similar bullish momentum in the future. Based on recent price action, if WIF manages to break through the descending triangle price action pattern and close a four-hour candle above the $1.945 mark, there is a good chance that it skyrockets by 35% to reach the $2.65 mark in the future.
WIF’s bullish thesis will only hold if it successfully breaks through and closes a candle above the sloping trendline, otherwise it may fail.
$16 million in WIF outflows
Aside from this bullish price action, investors and long-term holders have continually accumulated tokens despite the price struggling to gain momentum, as reported by the on-chain analytics firm. coin mechanism.
WIF spot inflow/outflow data reveals that exchanges across the cryptocurrency landscape saw a significant outflow of $16 million in WIF meme coins. The term “outflow” refers to the movement of assets from exchanges to wallet addresses, potentially indicating bullish momentum and an ideal buying opportunity.
Current Price Dynamics
At press time, WIF is trading near $1.92 and has seen upward momentum of over 4% in the past 24 hours. During the same period, its trading volume jumped 15%, indicating increased participation from traders and investors amid the recent breakout.