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Dogwifhat (WIF) price prediction: long positions defend a strong buying area, a breakout above $1.20 will confirm a trend reversal.
Dogwifhat (WIF) has experienced a resurgence after months of lackluster trading, following the upward trend of Bitcoin reaching new highs. Today (17th) in the Asian early session, WIF slightly retraced to currently report at 1.07 USD. Long positions are actively defending the strong buying zone and preparing for a breakthrough at 1.20 USD.
WIF had a difficult start this year, but later rebounded. The price of WIF dropped significantly from over $2.00 in January to below $0.40 in March, marking a substantial correction from the previous high.
In April, as gold prices began to find a bottom, the situation started to change. In the past few weeks, gold prices have formed a rounded bottom pattern and have broken through the consolidation area.
WIF Price Analysis
For several months, WIF buyers have been defending key levels. During the market downturn, the $0.40 area remained strong, and by the end of June, the token reached new highs between $0.60 and $0.65.
(Source: X, Trading View)
This move has initiated the current upward trend. Currently, the range of $0.87 to $1.06 is regarded as a strong buying area, as the WIF price has consolidated in this range for several weeks.
This range also aligns with the main moving averages, which typically act as support during an uptrend.
WIF price is approaching a key resistance level
The real test is at $1.20. WIF has previously broken this level twice (in May and June), but failed to hold it. If the bulls break through this time, the next stop could be the $1.45-$1.50 region, where a significant sell-off occurred the last time it fell below that area.
(Source: X, Trading View)
Rushing towards 2.00 USD will be a long-term goal, but for now, maintaining 1.06 USD during any pullbacks is key to sustaining momentum.
On X, Raintures pointed out that breaking through 1.00 USD suggests that the trend may reverse, and the trading volume of WIF will rebound.
Cryptodoc referred to this move as a breakthrough and pointed out that the WIF price has pumped 40% in the spot market.
Both updates indicate that market sentiment is improving again. With community support and technical aspects gradually improving, everyone's eyes are on 1.20 USD to see if WIF can confirm the rebound.