Dogwifhat (WIF) is currently attempting to break out of its ascending wedge pattern. The altcoin is trading at a two-month high, and its next goal is to secure a 36% increase.
If successful, WIF could be on track to chart an overall 55% rise, capturing the attention of investors looking for significant gains in the altcoin space.
Dogwifhat Has Negative Correlation With Bitcoin
WIF is currently sharing a negative correlation with Bitcoin, which is often considered a bearish sign for altcoins. However, this situation is playing out differently for Dogwifhat.
While Bitcoin remains under pressure, WIF is showing resilience and upward momentum. Should Bitcoin’s price decline further, WIF might actually see additional gains as it continues to capitalize on its unique position in the market.
This negative correlation may give WIF an advantage, as Bitcoin’s volatility could create more opportunities for the meme coin to rise. Investors are taking note of this decoupling from Bitcoin’s usual influence, which is helping WIF carve out its own path amid a sea of altcoins heavily affected by BTC price movements.
Read more: How To Buy Dogwifhat (WIF) and Everything Else To Know
The macro momentum behind WIF is further strengthened by liquidation data, which shows that short liquidations have reached a six-month high.
This suggests that traders who bet against the coin are being forced to close their positions, potentially generating buying pressure. As these short contracts are liquidated, WIF’s price could benefit, adding fuel to its upward trajectory.
This wave of short liquidations indicates that traders were expecting WIF to drop, but the meme coin’s strength has defied expectations. As a result, the altcoin could see continued buying pressure, which may contribute to further price gains. This macro momentum, alongside the negative correlation with Bitcoin, makes WIF an interesting asset to watch in the coming days.
WIF Price Prediction: Securing Support
WIF is currently trading at $2.53, aiming to secure the support level at $2.36. Bouncing off this support would confirm the breakout from its ascending wedge pattern, solidifying the bullish momentum that WIF has been building.
If WIF successfully breaks out, it has the potential to chart a 55% increase. Currently, the meme coin is 36% away from its next target of $3.43. Breaching and flipping the $2.75 resistance into support would be a key step in pushing WIF toward this target.
Read more: Dogwifhat (WIF) Price Prediction 2024/2025/2030
However, if WIF loses support at $2.36, the price could drop to $2.01. Such a decline would invalidate the bullish outlook and bring the meme coin back within its previous pattern. Consequently, this limits its chances of achieving a 55% rise.
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