One of the popular meme coins, WIF Coin, has taken its share from the general market downturn. BTC has turned its direction downwards again. While altcoins have not recovered sufficiently, today’s drop in BTC price could spoil the mood for the weekend. Could investors in WIF Coin be in for a pleasant surprise? What price level do current data indicate for WIF Coin?
Dogwifhat (WIF)
WIF Coin was finding buyers at $2.99 when this article was prepared. If Bitcoin‘s price had not experienced such a rapid decline, perhaps new peaks could have been seen over the weekend. WIF Coin, in particular, appears to have a better outlook compared to other altcoins. Open interest reflecting interest in futures is increasing for WIF Coin. This open interest has increased by $85 million over the last three weeks and the slow but continuing growth is promising.
Since the funding rate is currently positive, we can say that investor sentiment is also bullish. Concurrently, there is a rising signal visible in the Moving Average Convergence Divergence (MACD). The MACD, a momentum indicator useful for trend following, plays a significant role in identifying potential entry opportunities.
How Much Will WIF Coin Be Worth?
Today, trading at $3.16, the price quickly dropped below $3 within a few hours but is now struggling to reclaim the $3 mark. Despite BTC’s price suddenly dropping by $3,000 today, WIF Coin experienced more limited losses. The main resistance level to overcome is currently at $3.18.
WIF Coin, trading within a rising wedge formation, could see a 21% increase if the expected breakout occurs. This formation, formed by price trading between two upward-sloping parallel lines, has triggered many major rallies in the past. However, as mentioned above, the $3.18 level must turn into support.
The real breakout will occur if the key $3.5 level is surpassed. At this stage, especially in futures, a stronger demand would not be surprising. What if the attempt to rise fails and the ongoing BTC downturn leads WIF Coin into new lows? If so, WIF Coin could fall to $2.75 and $2.36.
