• Dogwifhat price shows signs of potential rangebound movement.
  • Traders can start a short-term trade plan trading this range.
  • Long-term investors should consider buying WIF between $1.95 to $1.50 levels.

Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective. 

Also read: Dogecoin on-chain metrics signal DOGE could suffer price drop

Dogwifhat price and short-term trading approaching

Dogwifhat price has shed 60% from its all-time high of $4.85 and currently trades at $2.60. After a historic rally that propelled WIF by 1,587% in just seven weeks, it is natural for the meme coin to slide lower. 

On the twelve-hour chart, Dogwifhat price could consolidate between $1.95 to $3.26 levels. This consolidation could be a key accumulation level for long-term buyers. Ideally, a sweep of the range low of $1.95 is likely before WIF bottoms out and triggers a reversal.

From a short-term perspective, playing the range would be the best way to go. A sweep of $1.95 followed by a potential run-up to the range’s midpoint at roughly $2.54 or the range high at $3.26. But from a long-term perspective, the scenario is different.

Also read: Meme coins experience a price correction as BOME, WIF, PEPE, and FLOKI fall

WIF/USDT 12-hour chart

WIF/USDT 12-hour chart

Long-term game plan for WIF buyers

For those investors that are willing to play the long game, the range appears to be a great place to buy. Ideally, rangebound movement and bottom reversal patterns have a few characteristics. 

Rarely do altcoins just form a bottom and kick-start a rally.

Typically, a manipulation move occurs that pushes the altcoin below this consolidation range. 

As long-term investors, the approach should be to buy the liquidations or weakness, i.e., buy when short-term holders are capitulating. Therefore, from a long-term perspective, dollar-cost averaging between $1.95 to $1.50 would be ideal.

Furthermore, placing stink bids below $1.50 would be a good approach, especially if the crypto markets undergo a volatile crash as seen in March 2020. 

WIF/USDT 3-day chart

WIF/USDT 3-day chart

The above Dogwifhat price analysis assumes that Bitcoin price will resume the bull run after the fourth halving event as it has happened during the previous ones. BTC has triggered a massive rally a year after the halving upgrade. So, if this trend continues, altcoins, including Dogwifhat, could appreciate much more, yielding handsome returns. 

On the other hand, if Bitcoin continues to bleed, this accumulation idea would be invalidated.

Also read: WIF price rallies 60% as Dogwifhat’s photo sells as NFT for $4.3 million


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana and XRP ETFs may be on the cards in 2025, Standard Chartered analyst says

Solana and XRP ETFs may be on the cards in 2025, Standard Chartered analyst says

Ethereum Exchange Traded Fund approval news has renewed optimism on Solana and XRP ETFs approval in 2025. Analysts at Standard Chartered believe more cryptocurrency ETFs may be approved next year, and these assets will not be classified as securities. 

More Solana News

Uniswap Price Forecast: UNI could be poised for 30% rally after month-long lull

Uniswap Price Forecast: UNI could be poised for 30% rally after month-long lull

Uniswap price has broken out of a 35-day consolidation this week, a sign of a possible rally ahead that could increase the token’s price around 30%. Technical indicators support the bullish thesis, while on-chain data also aligns with it.

More Uniswap News

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Dogecoin inspiration Kabosu dies, leaving legacy of $22.86 billion market cap meme coin behind

Kabosu, the popular Shiba Inu dog that inspired the logo of the largest meme coin by market capitalization, Dogecoin, died early on Friday after losing her fight to leukemia and liver disease. Kabosu had gained popularity as the dog behind the viral “doge” meme. 

More Dogecoin News

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

XRP climbs past $0.53, SEC Chair Gensler says the agency has done very well in court cases

Ripple lawsuit ruling is expected soon, following the new US crypto bill, FIT21. SEC Chair Gary Gensler says the agency has fared well in legal battles while speaking at the ICI 2024 Leadership Summit. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP