Dogwifhat (WIF) Price Nears $0.75 Breakout, Could $1.00 Be Next?

Dogwifhat (WIF) is on the radar of traders as its price approaches a critical resistance level at $0.75.

Technical indicators and chart patterns suggest that a breakout could send the price toward $1.00.

There is growing interest in the asset potentially reversing its prolonged downtrend.

Dogwifhat Double Bottom Pattern Suggests Bullish Reversal

The 4-hour chart for Dogwifhat (WIF) shows a double bottom formation, a bullish reversal pattern that often signals the end of a downtrend.

This pattern has emerged after WIF has consistently stretched down from its previous high of $5.50 down as far as its current trading at $0.691 today.

The neckline of the pattern on the double bottom is at $0.75, a resistance level.

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The price must break above this level. Its demonstration would surely push the price towards $1.00 as per the projected double bottom chart.

It will be important to observe the $0.75 level. A new round of buying would be necessary to surpass it.

TD Sequential “9 Buy” Signal Points to Bottoming Phase

According to market analyst Ali, the TD Sequential indicator is highly efficient at the present moment. It shows a “9 Buy” on the Dogwifhat (WIF) weekly chart.

This signal emerges where a pullback occurs after a bearish move. It is a sign that selling pressure is drying up.

The weekly chart has indicated more than 85% fall from the high values of WIF. A recent low was observed at $0.63.

In combination with the TD Sequential signal, it appears that Dogwifhat (WIF) might be forming a bottom at the moment.

Nevertheless, it has not been confirmed through price action and volume that traders expect a sustained rate of increase.

Key Technical Indicators Favor Recovery

Relative Strength Index (RSI) is 37.75 and thus close to the oversold level or below 40.

This an indication that there was a lot of pressure, selling pressure that is, and may be relieved to allow the prices to correct upwards.

However, the MACD which is an indicator of the trend in the moving average is indicating bullish momentum.

The histogram has crossed to the positive region on the chart. MACD and the signal lines have crossed in the up move and converge and this is a signal for bulls.

Support and Resistance Levels to Monitor For Dogwifhat

WIF’s immediate support is found above $0.68 level where logically the price has a decent bounce in the last few days.

It is for this level to present a good opportunity to open up for further possible upward tendency.

On the flipside, the level of $0.75 has resistance and is crucial. Such a breakout will confirm the formation of a double bottom pattern in the process suggesting a possible attempt at reaching $1.00.

Above $1.00, more opposition may be expected for Dogwifhat at $ 1.50 according to analysts.

Market Predictions Suggest Longer-Term Growth

To support the bullish outlook, analysts have predicted that WIF will be able to rise by 225.76% in value by March 2025, with its value rising to $2.17.

Nevertheless, the current position remains bearish, judging by the indicators of the Fear & Greed index at 44 (Fear).

Based on its performance for the last 30 days, 27 of them were green, while the price volatility is 24.22%. This shows a high risk in regards to Dogwifhat (WIF) in the short term.