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Will a bullish flag breakout extend the Dogwifhat (WIF) price rally as the RSI divergence points to a $4 price target?
Currently, the WIF token is trading at a market price of $3.262 with a 24-hour jump of 2.41%. The Dogwifhat meme coin has a market cap of $3.285 billion, and the 7-day return stands at negative 3.33%.
With an intraday recovery reflecting refreshed momentum, will the WIF price trend regain bullish momentum to reach the $5 mark? Let’s find out.
Dogwifhat (WIF) Price Analysis
The WIF price action showcases a triangle pattern in the 4-hour chart. The triangle pattern comes after a massive bull run between November 5 and 13.
The bull run pushed the price from $1.8784 to a peak of $4.797. However, the subsequent pullback dropped the closing price to $4.2207, resulting in a price surge of 124%.
After encountering significant overhead resistance, the formation of lower highs in Dogwifhat’s price led to a resistance trend line pattern, which has kept bullish growth in check on the 4-hour chart over the past two days.
The key support at $2.97, just below the psychological level of $3, is holding the WIF price. This has formed a triangle pattern, completing a bullish flag within the prevailing uptrend. In conjunction with the resistance trend line, the bearish crossover of the 50-day and 100-day SMA lines has restrained bullish momentum.
Crucial Price Levels as WIF Stands at Crossroads
The bullish flag suggests a continuation of the uptrend, and the RSI line is showing bullish divergence, increasing the likelihood of a breakout rally that could extend the Dogwifhat price surge.
Using the trend-based Fibonacci levels, the immediate price targets for WIF tokens are $3.60 and $4.05. On the flip side, the crucial support is at $2.97, and the 200-day SMA line is at $2.84.