Dogwifhat (WIF) is on the verge of a major breakout, with bulls targeting the $2.1 level as upward momentum continues to build. After a strong period of gains, traders are focused on whether this momentum can propel the price past this critical resistance.
WIF's market capitalization surpasses $2.1 billion, and it was trading at around $2, indicating an 8.15% increase. Despite these gains, trading volume saw a 27.81% decrease in the last 24 hours.
Technical indicators favor the bulls currently. WIF is trading above the 100-day Simple Moving Average (SMA), suggesting a positive trend. The Relative Strength Index (RSI) on the 4-hour chart has risen to the 70% threshold, indicating growing bullish strength.
If WIF breaks through the $2.1 resistance level, the next target shifts to $3.5 and potentially its all-time high of $4.8. Conversely, failure to breach $2.1 could lead to a retracement to support levels like $1.47 or even lower.
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