price drop that the country has experienced in recent weeks. As of today, December 28, 2024, WIF is starting to experience upward momentum, with the price increase noticeably compared to other assets.
The significant price increase of WIF can be explained by the recent breakout of the bearish price action pattern, the interest of long-term holders, and the shift in market sentiment in the cryptocurrency landscape.
Dogwifhat (WIF) Technical Analysis and Upcoming Level
According to expert technical analysis, WIF has not only broken the bearish price action pattern but also successfully retested its crucial support level at USD 1.80. This recent support for WIF is the third such event since November 2024.
WIF price prediction
Based on historical price momentum, whenever the meme coin reaches this level, it experiences buying pressure and notable upside momentum.
This time, experts and analysts expect similar upward momentum going forward. Based on the recent price action, if WIF successfully breaks the descending triangle price action pattern and closes a four-hour candle above the $1,945 mark, there is a high possibility that the price could rise 35% to cross the mark in the future of $2.65.
WIF’s bullish thesis only holds if it successfully breaks and closes a candle above the sloping trendline, otherwise it may fail.
$16 million in WIF outflows
In addition to this bullish price action, investors and long-term holders have been continuously accumulating the tokens despite the price struggling to gain momentum, as reported by the on-chain analytics firm Mint glass.
WIF spot inflow/outflow data shows that exchanges across the cryptocurrency landscape have witnessed an outflow of a significant $16 million worth of WIF meme coins. The term “outflow” refers to the movement of assets from exchanges to wallet addresses, potentially indicating upward momentum and an ideal buying opportunity.
Current price momentum
At the time of writing, WIF is trading around $1.92 and has experienced upward momentum of over 4% over the past 24 hours. During the same period, trading volume increased by 15%, indicating greater participation from traders and investors during the recent outbreak.
