Dogwifhat (WIF) continues to maintain bullish momentum above the crucial $1.5 level, following a successful breakout.
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 offers a technical analysis, utilizing key indicators to assess its current price performance and evaluate the potential for a larger rally.
In the last 24 hours, Dogwifhat 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 increased by 4.64%, while trading volume surged by 49.84%.
Currently, Dogwifhat is displaying bullish resilience above the $1.5 level, trading slightly below the 100-day Simple Moving Average (SMA) on the 4-hour chart.
Maintaining strength above this key level could potentially set the stage for a larger rally, with key indicators like the Composite Trend Oscillator suggesting further price gains.
On the daily chart, WIF’s price holds steady after a successful breakout above the $1.5 mark, suggesting that bulls may continue to dominate, potentially driving the price higher towards the $2.2 mark and the 100-day SMA.
The 1-day composite trend oscillator indicator suggests that Dogwifhat has strong potential to extend its bullish movement, with both the signal line and the SMA in the overbought zone.
As WIF’s price maintains its resilience, it is expected that the cryptocurrency could start a rally toward the next key resistance level at $2.2.
A break and close above this level could see Dogwifhat continue its bullish move toward the next resistance point at $3.58 and potentially advance further.
However, if WIF faces resistance at $2.2 and experiences a rejection, it might decline towards $1.5, signaling more bearish movement and potential further declines towards the $1.02 mark.
