- Dogwifhat price is consolidating inside a broadening wedge setup.
- The recent crash knocked WIF to retest the lower limit of this technical pattern.
- WIF is likely to sweep $2.32 before it triggers a rally to the upside.
Dogwifhat (WIF) price witnessed a brutal crash on Friday following Bitcoin’s footsteps. While some altcoins are recovering, WIF is likely to slide even lower before it attempts a recovery.
Also read: Dogwifhat 10% drop could be ‘catastrophic,' but traders bet on bounce
Dogwifhat price in search of stable support
Dogwifhat price has produced four higher highs and four lower lows since April 14, leading to the formation of a broadening wedge. Friday’s crash retested the lower limit of this wedge but short-term recovery pushed WIF to $2.83, where it currently trades.
Going forward, investors can expect Dogwifhat to break the broadening wedge to the downside and sweep the $2.32 support level. How WIF reacts to this level is key to determining where the dog-themed crypto will head.
A sweep followed by a reclaim would be the first sign that the dogwifhat meme coin is ready to move higher. Beyond this level, WIF needs recovery above the broadening wedge’s lower limit. If these two conditions are met, the meme coin could eye a retest of $3.25.
Read more: Dogwifhat price pumps 5% ahead of possible Coinbase effect
WIF/USDT 1-day chart
Regardless of the potential for recovery, if dogwifhat price breaches the $2.32 support level, it will create a lower low and invalidate the bullish thesis. This development could see WIF crash 14% to tag the $2 psychological level.
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.
Recommended Content
Editors’ Picks
Tether acquires 32% stake in Canadian-listed Gold mining company Elemental
Tether Group, the issuer of the world’s largest stablecoin USDT through its affiliate Tether Investments, has completed the acquisition of a 32% stake in Elemental Altus Royalties Corp. (Elemental).
Crypto Today: Bitcoin, Ethereum, XRP risk further decline amid softer volumes and profit-taking
Bitcoin extends losses below $108,000 amid subdued trading volume, a decline in funding rates, and a drop in open interest. Ethereum’s uptrend fails to gain strength and falters, nearing support at $2,700 despite surging spot ETF inflows.
Shiba Inu Price Forecast: Correction looms amid whale sell-off and falling supply in profit
Shiba Inu's supply in profit drops significantly as whales offload SHIB amid low performance. Optimism wanes in Shiba Inu derivatives as Open Interest and the Long/Short ratio decline.
Bitcoin Price Forecast: BTC edges below $108,000 as geopolitical risks weigh on sentiment
Bitcoin price continues its pullback, trading below $108,000 on Thursday, following the previous day's decline. Risk-off sentiment rises as the conflict in the Middle East escalates, with reports suggesting that Israel is readying an imminent attack on Iran.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.