Key Takeaways
- Macro correction ended in a strong support zone.
- Wave v targeting $0.85 to $1.08 is underway.
- $0.60 is key support for continuation setup.
Dogwifhat (WIF) has emerged from a lengthy corrective phase, completing a WXYXZ pattern at a key demand zone.
The bullish wave structure is formed on lower timeframes, and resistance trendlines are being tested.
This setup indicates continuing a larger impulsive move, provided key resistances are breached.
WIF Price Analysis
The 4-hour chart reveals a completed five-wave impulse from last year’s low to the all-time high near $4.78, followed by a prolonged corrective WXYXZ pattern.
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The final leg of the correction, wave Z, bottomed at $0.30 in early April within the critical demand, which had previously acted as a base for impulsive rallies.
Since then, WIF has carved out a potential bottoming structure, consolidating above $0.60 and establishing higher lows.
The Relative Strength Index (RSI) broke out of the oversold range and trended upward, confirming strengthening momentum.
A breakout from the falling wedge structure has occurred, indicating a shift in trend bias.
WIF now trades at approximately $0.64, with more upside potential ahead.
If WIF can hold above $0.60, it would signal sustained buyer interest and potential resumption of the macro uptrend.
Failure to hold $0.524 would invalidate this structure, opening the door to revisiting the $0.30–$0.25 support.
However, given the macro completion of the corrective pattern, the odds favor bullish continuation in the near term.
WIF Price Prediction
On the 1-hour chart, WIF is accelerating from wave 4 support and has likely entered the early stages of wave 5 of a larger impulse.
Wave 3 peaked around $0.71, and the following correction (wave 4) bottomed near $0.52, respecting the rules of the Elliott Wave Theory.
The ongoing breakout suggests wave 5 is now underway, with Fibonacci projections from the wave 3–4 swing giving us three primary targets:
- 0.80 (0.786 extension) — expected minor resistance
- 0.87 (1 Fib) — likely reaction zone
- 1.08 (1.618 Fib) — extended wave 5 target
This structure assumes a clean five-wave advance, and the volume breakout confirms bullish intent.
Since its wave 4 low, we have seen a 23% rise. Although the hourly RSI is overbought, there are no signs of momentum slowing down.
If this count holds, the current rally could take WIF toward $0.85–$1.08 in the coming days.
A potential short-term pullback could occur once wave 5 enters the $0.85- $0.90 zone. A higher low above $0.60 would confirm structural integrity and open the door to new highs.
If divergence appears, it may signal a correction. However, the broader structure remains bullish while price holds above $0.524.
Key Levels to Watch
- Immediate Support: $0.605 (wave 4 low).
- Structural Support: $0.524 (breakdown invalidation).
- Minor Resistance: $0.738 (wave 3 high).
- Wave 5 Targets: $0.871, $0.965, $1.08.
- Macro Resistance: $2.18 (if breakout sustains).
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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