Dogwifhat (WIF) is attempting to break out of an ascending wedge pattern and is currently trading at a two-month high. It aims to secure a 36% rise, which could lead to an overall 55% increase, attracting investor interest in the altcoin market.
WIF shares a negative correlation with Bitcoin, which usually signals bearish trends for altcoins. However, WIF is defying expectations, maintaining resilience and upward momentum even as Bitcoin struggles. This unique position allows WIF to create investment opportunities amid Bitcoin's volatility.
Short liquidations have reached a six-month high for WIF, indicating traders expected a price drop. These forced position closures could drive buying pressure, potentially fueling further price increases. The growing interest from traders underscores WIF's potential as a promising altcoin.
Current trading for WIF stands at $2.53, with support aimed at $2.36. A bounce would confirm its wedge pattern breakout, enabling potential bullish growth towards $3.43. However, losing support at $2.36 might cause a decline to $2.01, negating the bullish outlook.
