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Dogwifhat (WIF) Set for Liftoff: Is $3.7 in Play?

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TL;DR

  • Dogwifhat forms a classic cup and handle pattern, setting stage for possible breakout rally.
  • Analyst sees WIF breakout targets at $1.75, $2.20, $2.85, and $3.70 if structure holds.
  • Whale buys and rising Open Interest fuel bullish momentum as the price reclaims the $1.20 neckline.

Pattern Suggests Shift in Trend

Dogwifhat (WIF) is trading near a key level after forming a cup and handle on the daily chart. This setup began in March with a rounded base and continued with a sideways range into July. The price now sits just above the neckline between $1.20 and $1.25.

At press time, WIF trades at $1.23, showing an 11% increase in the past week. If the price stays above this level, it may confirm a breakout. Support from the 100-day simple moving average, around $0.84, has helped shape the pattern over the last few weeks.

Levels to Watch Closely

Notably, the first area of support is near $1.00. Below that, the $0.84 mark lines up with the moving average. A deeper pullback could bring the price back to $0.70, which acted as a floor during earlier consolidation.

If momentum continues, targets to monitor are $1.75, $2.20, $2.85, and $3.70. These numbers reflect earlier price reactions and the depth of the cup formation. Analyst Jonathan Carter wrote, 

“If the pattern holds, we could see the price surge toward targets at $1.75, $2.20, $2.85, and $3.70.”

Trading Activity and Chart Signals

The Relative Strength Index (RSI) is now near 70. This level often shows strong demand, though it may also suggest the need for a short rest. On the volume profile, there is a lighter zone above $1.30, which could allow faster movement if the breakout continues.

Open Interest in WIF futures has grown to $660 million, according to CoinGlass. That’s an 11.5% increase from the previous week. More interest in futures often points to rising capital inflows from both sides of the market.

WIF open interest
Source: Coinglass

A recent purchase by the firm WIFStrategy added to the momentum. On July 13, they acquired 500,000 WIF tokens. The price jumped 30%, hitting $1.30 before settling near $1.22. This move pushed WIF above its earlier channel, where it remains at the time of writing.

Prispevek Dogwifhat (WIF) Set for Liftoff: Is $3.7 in Play? appeared first on CryptoPotato.

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