Dogwifhat’s Price Range: Awaiting a Breakout
Dogwifhat (WIF) is stuck in a trading range, moving between $0.30 and $1.35. The price hasn’t made a clear move up or down yet. Traders are watching closely for a breakout, but the low volume suggests more waiting might be needed.
Key points to watch:
- Resistance at $1.35, matching the 0.618 Fibonacci level and a previous high.
- Support at $0.30, a possible double bottom zone.
- Volume is declining, hinting at accumulation or distribution.
Recently,Dogwifhat hit the $1.35 resistance but couldn’t break through. It then fell back to the middle of its range. This area often causes choppy price action, making it hard to predict the next move. The bounce from lower levels was weak, with little volume to back it up. This shows bulls aren’t confident enough for a breakout yet.
The $0.30 support is crucial. If the price returns here and bounces strongly, it could form a double bottom, a bullish pattern. But this is still uncertain until the price reacts to this level.
Volume is dropping, which often comes before a big move. A breakout will likely be confirmed by a sudden increase in volume.
Expect more choppy trading within the $0.30 to $1.35 range. A clear breakout, with strong volume, will show Dogwifhat’s next direction.
