[Dogwifhat price is 8% away from ending six-month bearish phase]
Dogwifhat price fell 2.8% to $2.27 during Saturday’s low-volatility trading session. The main reason for this decline was the price’s failure to break above the key resistance line of a descending wedge pattern from March 2024. As the market enters the "Uptober" phase, buyers may try to end the six-month correction period.
Recently, the crypto market has shown a bearish trend due to the escalation of the conflict between Iran and Israel, causing Bitcoin to fall below $65,000. Dogwifhat also fell sharply from $2.64 to $1.96, a drop of 25%, before rebounding to over $2. Price is currently facing significant resistance at $2.5, intertwined with a falling wedge formation that often signals the possibility of a trend reversal.
If Dogwifhat price is able to break above the $2.5 resistance, the price could see an 88% rise towards a target of $4.08, and could even climb further to $4.86. Technically, a golden cross between the 50- and 100-day moving averages also helps reinforce bullish expectations.
In addition, WIF open positions have surged 88% since September, indicating that market participants are actively positioning themselves in anticipation of increased price volatility. Meanwhile, the weighted funding rate rose to 0.0062%, indicating buyer confidence in further gains.
However, if it fails to break above the wedge resistance line, Dogwifhat price may extend the current correction phase.