Dogwifhat (WIF) has shown significant bullish momentum recently, with a price surge of 19% that broke through the critical resistance level of $1.5. This breakout indicates a rise in buying pressure for the cryptocurrency and opens up possibilities for further upward movement. The question now is whether the bulls can sustain this momentum and push the price higher towards the next resistance level at $2.2, or if a pullback is on the horizon.
As WIF maintains its momentum above the $1.5 resistance mark, current market sentiment and technical indicators suggest a positive outlook. On the 4-hour chart, two bullish candlesticks have surpassed the $1.5 resistance level towards the 100-day Simple Moving Average (SMA). This consistent upward trend signals that bulls are in control and could drive the price even higher. Additionally, the Relative Strength Index (RSI) on the 4-hour chart points to increasing buying pressure, with the signal line heading towards 70%.
Looking at the 1-day chart, WIF is still trading below the 100-day SMA but has shown bullish momentum with a breakthrough past the $1.5 resistance level. The RSI on the 1-day chart is also ascending from the oversold zone, indicating stronger buying pressure compared to selling pressure. This suggests that WIF could rally towards the next resistance level at $2.25 and potentially even higher levels in the future.
If the price of WIF manages to break and close above the $2.2 resistance level, it could continue its bullish run towards $3.58 and beyond. However, a rejection at the $2.2 mark could lead to a decline back towards $1.5. Breaking below this support level might signal a bearish trend, potentially driving the price further down towards $1.02.
The recent price surge of Dogwifhat indicates a strong bullish momentum with the potential for further upward movement. Traders and investors should keep a close eye on key resistance levels and technical indicators to gauge the future direction of WIF’s price.
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