The meme token Dogwifhat (WIF) has recently completed a prolonged corrective phase.
Now trading within a key support zone, a bullish RSI divergence and a potential breakout from the descending channel suggest a trend reversal.
WIF Price Analysis
The 4-hour chart shows that WIF completed a full 5-wave impulsive cycle up to $4.78 on Nov. 13, followed by a sharp decline.
The decline formed a W-X-Y-X-Z complex correction within a descending channel, bottoming recently at around $0.30.
The $0.17-$0.43 zone has acted as critical long-term support, marked by the increased Relative Strength Index (RSI), suggesting the potential exhaustion of bearish momentum.
A descending channel encapsulates the correction, and WIF attempts to break out from it.
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The most recent RSI low formed a bullish divergence (highlighted in orange), often a precursor to trend reversals.
If confirmed, this could signify the end of the Z-wave and the beginning of a new motive sequence.
WIF Price Prediction
Zooming into the 1-hour chart, the price action appears to be building a 5-wave impulsive move.
The subway count suggests the completion of waves (i) and (ii), with wave (iii) in progress.
Fibonacci extensions place the 1.272 at $0.379, likely ending wave (iii), followed by a minor wave (iv) pullback around $0.398 (1.618) and rally into wave (v) around $0.417.
The RSI on this lower timeframe supports continued upside but may face short-term overbought conditions soon.
A small pullback is expected after wave (iii), offering a possible reentry before the final leg of this sequence completes.
If this structure is confirmed, it increases the probability that WIF has initiated a higher-degree impulsive move, and this current wave could be the start of a broader rally.
However, a break below $0.313 would invalidate the impulsive setup.
Combining both timeframes, WIF offers a compelling short-term bullish opportunity with early signs of macro reversal.
Confirmation above key resistance zones could attract momentum buyers and trigger further gains toward $0.85.
Key Levels to Watch
- Wave (iii) target: $0.379.
- Wave (v) extension: $0.417.
- Invalidation zone: Below $0.313.
- Support: $0.17–$0.43 (accumulation zone).
- Resistance: $0.85, $2.18 (prior support-turned-resistance).
- Breakout trigger: Above $0.45 (channel breakout confirmation).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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