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Dogwifhat ($WIF) has recently demonstrated significant bullish momentum, as its price surged 19% to break through the $1.5 critical resistance level. The breakout above this key resistance suggests increasing buying pressure for the cryptocurrency and opens up new possibilities for further upward movement.
As $WIF maintains its momentum above the $1.5 resistance mark, the question is whether the bulls can continue driving the price higher toward the next resistance level at $2.2, or if a pullback is imminent.
This article aims to inform the audience about the significant price movement of Dogwifhat, provide a detailed technical analysis of the breakout above the $1.5 resistance level, and assess market sentiment along with potential future price directions including key levels to watch.
$WIF was trading at around $1.69 and has increased by over 19% with a market capitalization of over $1.7 billion and a trading volume of over $734 Million as of the time of writing. In the last 24 hours, the asset’s market cap has increased by more than 19%, while its trading volume has decreased by more than 20%
Technical Analysis: Breaking Through $1.5 Resistance
Currently, the price of $WIF on the 4-hour chart has printed two bullish candlesticks, surpassing the $1.5 resistance mark towards the 100-day Simple Moving Average (SMA). Since breaching this key resistance level, the digital asset has experienced a consistent upward trend, suggesting that bulls are taking control and could further drive the price higher.
Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently heading to 70%, suggesting that buying pressure is increasing and the asset might experience more upward movement.
On the 1-day chart, although $WIF is still trading below the 100-day SMA, it can be observed that the crypto asset with a single bullish momentum candlestick has surged past the $1.5 resistance level. With this recent bullish momentum, the meme coin could extend its rally toward the next resistance level at $2.25.
Finally, on the 1-day chart, the RSI signal line is ascending from the oversold zone toward 50%, further supporting the potential for a continued bullish move and indicating that buying pressure in the market is stronger than selling pressure.
Potential for Further Gains: What to Expect For $WIF
As $WIF’s price continues to gain traction, it is expected to approach the next key resistance level at $2.2. Should the price break and close above this level, it may continue its bullish move toward the next resistance point at $3.58 and potentially advance to even higher areas.
However, if $WIF encounters resistance at the $2.2 mark and experiences a rejection, it could start to decline toward the $1.5 level. Should the price break below this support level, it may signal a further bearish move, leading to additional declines towards the $1.02 mark and beyond.