DOGWIFHAT PRICE ANALYSIS & PREDICTION (August 20) – WIF Signals Buy After Establishing Support, Can It Retake $2.9

Joining other meme coins in the latest surge, Dogwifhat’s price jumped 15% in the last 24 hours after establishing new support. While its mid-term bearish bias remains intact, it currently shows strength daily.

The psychological $1 level has held well this month as Dogwifhat failed to extend its mid-term bearish. It appeared to have found support again and is now developing a new bullish pattern on the daily chart.

However, this latest surge in volatility looks more like a trap as the trend remains bearish on the mid-term scale. Just like the double-bottom pattern that sent the price to a high of $2.9 in July, WIF could initiate a drop if the price fails to increase above this high level in the latest surge.

If such a scenario plays out again, we may see a big and potentially last leg down to the $0.4 level, where a major buyback will likely take place. 

On the other hand, if the bulls push the price above the mentioned July high to validate a break above the five-month resistance line, we could see a mega price movement to $10 after a clear flip through the current high. As it signals a buy, it is important to note that the bears are still in control.

WIF’s Key Levels To Watch

Source: Tradingview

Climbing back above the crucial $1.5 level, the immediate obstacle point for the bulls lies at the $1.95 resistance, followed by a hidden resistance of $2.38 and majorly $2.9, all tapped in July. Overcoming these levels should confirm a breakout for a bullish rally.

A weekly close under the $1.47 support, considered as the June-July low, could trigger a bearish extension to the key $1 level and potentially $0.55.

Key Resistance Levels: $1.95, $2.38, $2.9

Key Support Levels: $1.47, $1, $0.55

  • Spot Price: $1.59
  • Trend: Bearish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/dogwifhat-price-analysis-prediction-august-20-wif-signals-buy-after-establishing-support-can-it-retake-2-9/