Dogwifhat [WIF] Can Reach a New ATH of $5, But…
![Dogwifhat [WIF] Can Reach a New ATH of $5, But…](https://media.askfx.com/assets/60449-dogwifhat-wif-can-reach-a-new-ath-of-5-but-1024x585.jpg)
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- WIF is showing potential signs of an upward movement, targeting a new monthly high.
- Charts indicate mixed signals, as derivatives and spot traders are adopting different positions.
In the past 24 hours, dogwifhat [WIF] faced a significant decline, dropping 18.98%. This rapid drop was caused by a wider market downturn.
Selling pressure decreased at press time as WIF began to rebound. However, some market participants remained pessimistic, which limited the momentum for a potential rally.
A path to recovery
An analyst suggested that WIF appears to be in a good position for possible recovery as it operates within a parallel channel.
A parallel channel indicates fluctuations of price between established support and resistance levels. Currently, WIF has responded positively to the support threshold and is exhibiting an uptrend.
However, the chart pattern implies that prolonged consolidation around the lower support level may persist before any substantial upward movement takes place.
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