Dogwifhat (WIF) is testing a key support level at the bottom of its descending price channel, with technical indicators hinting at weakening bearish momentum. Analysts point to $1.35 as a potential long-term target should a bullish reversal take hold, though the token remains within a broader downtrend structure.
Dogwifhat (WIF) is approaching a crucial technical moment as its price presses against the lower boundary of a descending channel on the three-day timeframe. According to crypto analyst Jonathan Carter, this channel has shaped recent market structure, guiding a steady pullback.
The current support zone is beginning to attract buyer attention, hinting at underlying demand returning to the market. Such reactions at channel floors often signal that sellers are losing strength while buyers gradually step in.
A confirmed bullish reversal would probably be accompanied by significant buying volume, as well as a move away from the descending structure. If this were to happen, WIF would be poised to enter a series of higher highs and higher lows.
If upward momentum persists, analysts are pinpointing several possible price targets. Resistance levels of interest are $0.27, $0.36, $0.48, $0.70, $0.85, $1.03, and $1.35.
As of February 14, WIF on the daily timeframe has been in a downtrend from the end of November until mid-February. Support for the price is near $0.21, while resistance is near $0.29-$0.30 and also near $0.35.
Momentum indicators are showing stabilization, but no reversal. The RSI has made its way back up to the mid-40s from the oversold region, indicating that the strength behind the bears is diminishing.
The MACD indicator is starting to curl up, with the start of a bullish crossover and a positive histogram, but still in negative territory. This suggests that the current movement could be a relief move within an overall downtrend.
