Dogwifhat (WIF) is experiencing an upward trend, nearing the $2.89 resistance level, as bulls regain control. Renewed buying pressure has fueled this rise, suggesting momentum is on the side of the bulls.
The asset has consistently remained above the 100-day Simple Moving Average (SMA), hinting at further upward movement. Recently rebounding from the $2.45 support level, the market sentiment has turned positive, potentially laying the groundwork for another move towards $2.89.
The 4-hour Relative Strength Index (RSI) reflects growing buying momentum, increasing from 41% to 49%, transitioning from bearish to a more neutral market stance.
Similarly, on the daily chart, WIF shows upward pressure by forming bullish patterns, bolstered by its position above the $2.20 support level and 100-day SMA. The daily RSI at 58% suggests strengthening price action.
If WIF maintains bullish pressure and strong buying volume, it could break through the $2.89 resistance. Success here might trigger further gains and heightened investor interest. Failure to break the level, however, may cause a pullback towards $2.25 or even $1.50 in a bearish scenario.
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