dogwifhat (WIF) Loses Uptrend Halfway Through Its 35% Rally

dogwifhat (WIF) price is noting mixed sentiments arising out of the market and the investors of the meme coin.

This is harming the potential rally that WIF was on the path of securing after a successful breakout.

dogwifhat Holders Stay Confident

WIF price is attempting to achieve a sizeable rally that the meme coin was on the path of before it got derailed by the broader market cues. This is visible in the change in the Average Directional Index (ADX), which is below the threshold of 25.0.

The broader market cues are causing a slowdown in the rise of WIF’s price. This shift indicates that the active uptrend, which previously showed significant momentum, is now losing strength. Market participants are observing these changes but do not seem to be adjusting their expectations and strategies accordingly.

Despite the slowdown in price rise, the funding rate of WIF remains consistently high. This is a critical indicator of the overall sentiment among investors. A high funding rate typically suggests that there is a substantial demand for the asset, driven by investor optimism about its future performance.

The consistent optimism among investors, reflected in the high funding rate, points to a strong belief in WIF’s long-term potential. Investors seem confident that, despite the current slowdown, the asset will eventually resume its upward trajectory. This belief is often based on underlying fundamentals, market trends, or broader economic indicators.

Read more: How To Buy Dogwifhat (WIF) and Everything Else To Know

In conclusion, this combination of factors suggests that, although the current uptrend is losing steam, there remains a strong underlying confidence in WIF’s future prospects.

WIF Price Prediction: a Successful Breakout Becomes Useless

WIF price trading at $2.65 at the time of writing, dipped after nearly flipping $2.75 into support. This line is now a resistance once again, impeding the potential 35% rally derived from the double bottom pattern.

The neckline and the breakout point both lie at $2.36 and when the meme coin breached it last week, a rise was expected. This rise would have pulled WIF price to $3.20, marking a 35% rise from the neckline.

However, this may nto be the case going forward as the mixed sentiments could keep the meme coin consolidated. Sideways movement places the meme coin at the risk of failing a breach above $2.75.

Read more: Dogwifhat (WIF) Price Prediction 2024/2025/2030

But if this does happen a rise cannot be ruled out that could validate the double bottom pattern. On the other hand, a drop below the support of $2.36 could lead to a drawdown to $2.01, invalidating the bullish-neutral thesis.