- Dogwifhat price is consolidating under the $0.404 resistance level in the Adam and Eve chart pattern.
- This setup forecasts a 57% upswing upon a successful breakout above the $0.404 resistance level.
- A breakdown of the $0.293 support level will invalidate the bullish thesis for WIF.
Dogwifhat (WIF) price is one of the latest meme coins on the Solana blockchain. According to CoinGecko, WIF has shot up 23615.7% in the last two months from an all-time low of $0.001555. This altcoin is vying for a quick and impulsive move to the upside.
Also read: Dogecoin price eyes double digit gains as DOGE bulls make a comeback
Dogwifhat price anticipates a breakout
Dogwifhat price is also consolidating in an Adam and Eve pattern much similar to its competitor BONK. This coiling-up has been taking place for the last three weeks and is edging closer to a breakout.
The Adam and Eve setup is characterized by a sharp, V-shaped 'Adam' peak followed by a more gradual, rounded 'Eve' trough. It is a variation of the double-bottom pattern and forecasts trend reversal. The target for this technical formation is obtained by adding the depth of the rounded bottom to the breakout point. In WIF’s case, the trough’s depth is 57%, and the horizontal resistance that needs to be overcome is $0.404, which shows that the target is $0.6399.
The Relative Strength Index and Awesome Oscillator are both hovering above their respective mean levels of 50 and 0, suggesting a strong bullish momentum in play.
One thing investors need to consider is that there might be a pullback to the intermediate support level at $0.333 before Dogwifhat price pushes higher to breach the $0.404 hurdle.
Also read: Shiba Inu Price Prediction: SHIB primed for 10% rally
WIF/USDT 4-hour chart
On the contrary, if Dogwifhat price breaches the $0.333 support level, it would denote a weakness among buyers. Such a development could happen due to increased selling pressure from holders or a sudden dip in Bitcoin price. Regardless, if WIF breaches the $0.293 support level, it will create a lower low and invalidate the bullish thesis.
In such a case, Dogwifhat price could nosedive another 24% and retest the $0.221 foothold.
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