Independent crypto chartist More Crypto Online (real name Ben) known for his Elliott Wave breakdowns of altcoins and meme tokens, says the latest surge in Dogwifhat (WIF) may have marked the start of a larger trend — but only if bulls can defend a rapidly narrowing support zone.
In a new video update driven by community requests, he notes that Whiff has rallied “nearly 100%” from its December wave‑2 low into the first week of January, making it one of the stronger movers in the meme segment.
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That move has already unwound sharply: from the local high, price has corrected about 22%, a drop he calls “well‑deserved” after an unsustainable breakout attempt.
Fragile Dog Wif Hat’s Reversal Attempt
The analyst frames the recent structure as a possible five‑wave impulse up on a micro level, followed by a standard wave‑2 pullback. He concedes the advance is “not the cleanest” and even says he “would prefer actually one more high,” but the market may already have topped that leg.
Key Fibonacci retracement levels he’s watching for this WIF price pullback:
- 50%: ~$0.362
- 61.8%: ~$0.335
- 78.6%: ~$0.30
He has marked this band as the zone in which a bullish reversal still makes sense. A sustained drop below roughly $0.30, he argues, would make it “more probable that we are heading for a new low” and would likely invalidate the current wave‑two scenario.
For now, he reads the decline as a three‑wave A–B–C structure, with an A‑wave down, a B‑wave bounce, and a C‑wave that “could still stretch a little lower.”
Trend-line Triggers For Dog Wif Hat’s Next Move
The “earliest indication that a low of sorts is in place,” he says, would be a break above the internal B‑wave high around $0.44. That would signal that the corrective C‑wave has likely finished and open the door to a potential move toward $1+ in a larger third wave — though he stresses it is “way too early to confirm that.”
Above that, a more structural hurdle sits at roughly $0.745, a level he highlights with a green line. This is where heavy selling hit on 10 October during a “flash crash event,” and he expects “quite some resistance” there if Whiff can even reach it.
Until then, the market is in a test phase: bulls have already broken a key downward yellow trend-line once, but failed to sustain above it. The current pullback will show whether that breakout was the start of a genuine trend change or just another failed meme‑coin spike.
For traders, Whiff has now become a textbook sentiment gauge: hold $0.30 and reclaim $0.44, and the bullish reversal story stays alive; lose $0.30 decisively, and the chart points back toward fresh lows.
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Not yet. The analyst treats it as a “reversal attempt” that needs a higher low and a break above $0.44, then $0.745, to gain credibility.
A deep retrace below roughly $0.30 (the 78.6% Fibonacci level) would likely invalidate the current wave‑two pullback idea and favor a new low.
If a larger third wave develops after this correction, he sees scope for a move to “$1 plus,” but with clear caution that this scenario is unconfirmed.
