Dogwifhat (WIF) has not too long ago demonstrated vital bullish momentum, as its worth surged 19% to interrupt via the $1.5 essential resistance stage. The breakout above this key resistance suggests growing shopping for strain for the cryptocurrency and opens up new prospects for additional upward motion.
As WIF maintains its momentum above the $1.5 resistance mark, the query is whether or not the bulls can proceed driving the worth larger towards the following resistance stage at $2.2, or if a pullback is imminent.
This text goals to tell the viewers concerning the vital worth motion of Dogwifhat, present an in depth technical evaluation of the breakout above the $1.5 resistance stage, and assess market sentiment together with potential future worth instructions together with key ranges to look at.
WIF was buying and selling at round $1.69 and has elevated by over 19% with a market capitalization of over $1.7 billion and a buying and selling quantity of over $734 Million as of the time of writing. Within the final 24 hours, the asset’s market cap has elevated by greater than 19%, whereas its buying and selling quantity has decreased by greater than 20%
Technical Evaluation: Breaking By way of $1.5 Resistance
Presently, the worth of WIF on the 4-hour chart has printed two bullish candlesticks, surpassing the $1.5 resistance mark in the direction of the 100-day Easy Transferring Common (SMA). Since breaching this key resistance stage, the digital asset has skilled a constant upward pattern, suggesting that bulls are taking management and will additional drive the worth larger.
Moreover, an evaluation of the 4-hour Relative Power Index (RSI) reveals that the sign line of the indicator has efficiently risen above 50% and is at present heading to 70%, suggesting that purchasing strain is growing and the asset may expertise extra upward motion.
On the 1-day chart, though WIF continues to be buying and selling beneath the 100-day SMA, it may be noticed that the crypto asset with a single bullish momentum candlestick has surged previous the $1.5 resistance stage. With this current bullish momentum, the meme coin might prolong its rally towards the following resistance stage at $2.25.
Lastly, on the 1-day chart, the RSI sign line is ascending from the oversold zone towards 50%, additional supporting the potential for a continued bullish transfer and indicating that purchasing strain out there is stronger than promoting strain.
Potential for Additional Beneficial properties: What to Count on For WIF
As WIF’s worth continues to achieve traction, it’s anticipated to strategy the following key resistance stage at $2.2. Ought to the worth break and shut above this stage, it might proceed its bullish transfer towards the following resistance level at $3.58 and probably advance to even larger areas.
Nevertheless, if WIF encounters resistance on the $2.2 mark and experiences a rejection, it might begin to decline towards the $1.5 stage. Ought to the worth break beneath this assist stage, it might sign an extra bearish transfer, resulting in extra declines in the direction of the $1.02 mark and past.
Featured picture from YouTube, chart from Tradingview.com
