Dogwifhat (WIF) Double Bottom Pattern Suggests Bullish Reversal

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 (WIF) price is displaying signs of bullish reversal from its prolonged downtrend.

Technical indicators on the 4-hour chart show a double bottom formation and a TD Sequential “9 Buy” signal, both suggesting a potential bottoming phase.

Moreover, key technical indicators like the RSI and MACD are also favoring a possible recovery.

4-Hour Dogwifhat Chart Shows Double Bottom Pattern

Dogwifhat (WIF) has seen a consistent drop from its previous high of $5.50, trading at $0.691 today.

This price action has formed a double bottom on the 4-hour chart, a bullish reversal pattern.

The neckline of the double bottom pattern on the 4-hour chart is at $0.75, which coincides with a resistance level.

If the price breaks above this level, it will confirm the formation of the double bottom pattern, suggesting a possible attempt at reaching $1.00.

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

Technical indicators on the 4-hour chart show a double bottom formation and a TD Sequential “9 Buy” signal.

The RSI is at 37.75, indicating oversold conditions or close to it (below 40), suggesting that selling pressure may be easing up and allowing for a price correction to the upside.

However, the MACD, which indicates the trend in the moving average, is showing bullish momentum, with the histogram crossing to the positive region on the chart and the MACD and signal lines crossing in the up move, signaling a buy.

Immediate support for WIF is found above the $0.68 level, where the price has shown a decent bounce in the last few days.

This level could present a good opportunity for further possible upward tendency.

On the flip side, the $0.75 level 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.

However, the current market 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%, showing a high risk in regards to Dogwifhat (WIF) in the short term.