Dogwifhat (WIF) has not too long ago demonstrated vital bullish momentum, as its value surged 19% to interrupt via the $1.5 vital resistance stage. The breakout above this key resistance suggests rising shopping for strain for the cryptocurrency and opens up new potentialities 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 value larger towards the following resistance stage at $2.2, or if a pullback is imminent.
This article goals to tell the viewers in regards to the vital value 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 value instructions together with key ranges to observe.
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. In 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 Analysis: Breaking Through $1.5 Resistance
Currently, the value of WIF on the 4-hour chart has printed two bullish candlesticks, surpassing the $1.5 resistance mark in direction of the 100-day Simple Moving Average (SMA). Since breaching this key resistance level, the digital asset has skilled a constant upward pattern, suggesting that bulls are taking management and will additional drive the value larger.
Additionally, an evaluation of the 4-hour Relative Strength 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 rising and the asset would possibly 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 lengthen its rally towards the following resistance stage at $2.25.
Finally, 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 available in the market is stronger than promoting strain.
Potential for Further Gains: What to Expect For WIF
As WIF’s value continues to realize traction, it’s anticipated to strategy the following key resistance level at $2.2. Should the value break and shut above this stage, it might proceed its bullish transfer towards the following resistance level at $3.58 and doubtlessly advance to even larger areas.
However, if WIF encounters resistance on the $2.2 mark and experiences a rejection, it might begin to decline towards the $1.5 stage. Should the value break beneath this assist stage, it might sign an additional bearish transfer, resulting in further declines in direction of the $1.02 mark and past.
Featured picture from YouTube, chart from Tradingview.com
