Dogwifhat (WIF) continues to maintain bullish momentum above the crucial $1.5 level, following a successful breakout above this level. This sustained momentum has sparked speculation about whether the asset is gearing up for a more significant rally or if this momentum might eventually lose steam.
As WIF remains resilient above the $1.5 level, this article will offer a technical analysis, utilizing key indicators to assess its current price performance and evaluate the potential for a larger rally, providing insight into the implications for the asset’s future.
In the last 24 hours, Dogwifhat has gained a 5.03% increase, reaching approximately $1.53. The meme coin’s market capitalization has surpassed $1.5 billion, with trading volume exceeding $421 million. Over this period, the market cap has increased by 4.64%, while trading volume has surged by 49.84%.
Current Price Action: Evaluating Dogwifhat Performance Above $1.5
Dogwifhat currently, is displaying bullish resilience above the $1.5 level, trading slightly below the 100-day Simple Moving Average (SMA) on the 4-hour chart. If the cryptocurrency maintains its strength above this key level, it could potentially set the stage for a larger rally.
Also, the position of the Composite Trend Oscillator indicator shows that WIF could be poised for further price gains. The signal line and the SMA of the indicator have risen above the zero line, suggesting that bullish pressure remains strong in the market.
On the daily chart, WIF’s price is holding steady after a successful breakout above the $1.5 mark. This resilience suggests that the bulls may continue to dominate, potentially driving the price higher towards the $2.2 mark and the 100-day SMA.
Finally, the 1-day composite trend oscillator indicator suggests that Dogwifhat has a strong potential to extend its bullish movement. Both the signal line and the SMA of the indicator are currently in the overbought zone, with the signal line attempting to cross above the SMA. This suggests that an additional upside move could be imminent for the cryptocurrency.
Potential For A Larger Rally: What to Watch Out For
As WIF’s price continues to maintain its current resilience above the $1.5 mark, it is expected that the crypto asset could start a rally toward the next key resistance level at $2.2. Should the price break and close above this level, Dogwifhat may continue its bullish move toward the next resistance point at $3.58 and potentially advance to even higher areas.
However, if WIF faces resistance at the $2.2 mark and experiences a rejection, it might begin to decline towards the $1.5 level. When the price breaks below this support, it could signal more bearish movement, potentially leading to further declines toward the $1.02 mark and beyond.
Featured image from YouTube, chart from Tradingview.com
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