Mapping how and why Dogwifhat [WIF] might surge by 60%

A breakout above the bull pattern could result in a 60% price hike on the charts
Metrics like trading volume also hinted at a trend reversal

As a seasoned crypto investor who has navigated through numerous market cycles, I have learned to remain patient and adaptable when it comes to altcoins like Dogwifhat (WIF). Last week was indeed challenging for WIF investors as we witnessed a significant price drop. However, the latest bearish trend may soon come to an end if we consider the bullish pattern that seems to be forming on WIF’s chart.

Last week, investors dealing with Dog-with-a-hat (WIF) encountered numerous difficulties due to a substantial decrease in its price on the graphs. Yet, there might be some positive developments ahead, given that experts predict the bearish trend of this memecoin will soon come to an end, as WIF is currently testing a vital support level.

A positive test result might attract investors and potentially enable the memecoin to recover its previous worth over the next few days.

Are WIF’s troubles over?

Last week saw the meme cryptocurrency outperform the bullish market trend, as its price fell by a significant 7%. This bearish momentum persisted even in the past 24 hours, leading to a 4% decrease in the coin’s value, which is now referred to as WIF.

Nevertheless, investors need not despair, for there appears to be an optimistic trend emerging in WIF’s chart. Intriguingly, AMBCrypto’s examination of the memecoin’s daily graph indicates the formation of a bullish ascending triangle pattern.

Mapping how and why Dogwifhat [WIF] might surge by 60%

Initially, the pattern emerged around late July, and ever since, the price of WIF has been steadily holding within these parameters. Interestingly enough, the recent dip might simply be due to this period of consolidation.

Currently, WIF is experimenting with implementing this particular feature. If it succeeds, the downward trend may reverse and propel WIF closer to its resistance. A triumphant breakthrough beyond this pattern could potentially trigger a 60% increase in WIF’s price within the next few weeks or months.

Therefore, investors must remain patient and see which way WIF heads.

What to expect from WIF

At the given moment, it appeared that WIF might consolidate within its current pattern, leading us (AMBCrypto) to analyze Dogwifhat’s on-chain information for further insights.

According to our study using Santiment’s data, it appears that Web3 Foundation (WIF) maintained a fairly strong influence within the cryptocurrency world, demonstrating its widespread appeal. Furthermore, other analyses show promising outlooks as well.

For example, as the trading volume and price of WIF decreased, so did its Open Interest. When the Open Interest falls, it suggests an upcoming change in the current price direction. In summary, these two indicators suggested that a bullish trend reversal might happen soon.

Mapping how and why Dogwifhat [WIF] might surge by 60%

Ultimately, an examination of Hyblock Capital’s data unveiled another key indicator suggesting a significant shift in the trend.

The sales volume for WIF’s dropped significantly from 100 on November 1st to just 9.2 on November 2nd. This decrease in the measure suggests that there is less demand for this security, and a potential reversal or increase in interest might be imminent.

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Nevertheless, due to the fluctuating and uncertain characteristics of the cryptocurrency market, it’s hard to make definitive statements. A prolonged decline in prices might potentially drive WIF down to around $1.9.

In case of a slip below that support level, investors might witness a fall to $1.4.

2024-11-02 22:15

Are WIF’s troubles over?

What to expect from WIF

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