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The meme coin mania propelled dogwifhat (WIF) price to hit new highs throughout March, and it seems like this might happen again.
As the buying pressure increases, the Solana meme token might jump, too, as long as it can breach this resistance.
Why Dogwifhat is Gaining Momentum Among Investors
WIF price will likely note a surge in the coming days owing to the increase in bullishness from investors. This is visible on the Chaikin indicator, which is currently well above the zero line.
The Chaikin Indicator combines price and volume to measure money flow into and out of a security. It helps identify buying and selling pressure, aiding in spotting potential trend reversals or confirmations.
Given that dogwifhat is noting a rise in buying pressure right now, it could translate to a rally in WIF price.
Read More: What Is Dogwifhat (WIF)?
Furthermore, the Moving Average Convergence Divergence (MACD) is also closing in on a bullish reversal. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. It helps identify potential buy and sell signals based on crossovers and divergences.
Given that it is on the verge of noting a bullish crossover, the influence on price will also be bullish.
WIF Price Prediction: Breakout Soon?
WIF price is currently moving in a symmetrical triangle pattern, trading at $3.62. The meme coin is close to breaking out of the triangle, and according to the pattern, it will likely hit the target of $5.3.
This would mark a 43.8% rally, and given the rise in buying pressure, it could occur over the next few trading sessions.
Read More: Dogwifhat (WIF) Price Prediction 2024/2025/2030
However, if the support of the lower trend line is lost, the WIF price could trickle down to $3, invalidating the bullish thesis, sending the meme coin further down on the chart.