Dogwifhat (WIF) continues to maintain bullish momentum above the key $1.50 level after successfully breaking above it. This sustained momentum has sparked speculation as to whether the asset is preparing for a more significant rally or if this momentum could finally run out of steam.
With the WIF indicator holding above the $1.5 level, this article presents a technical analysis using key indicators to assess the current price action and evaluate the potential for a larger upside, allowing you to understand the implications for the future of this asset.
Over the past 24 hours, Dogwifhat has gained 5.03% to reach around $1.53. The meme coin’s market capitalization has exceeded $1.5 billion, and its trading volume has exceeded $421 million. During this period, its market capitalization has increased by 4.64%, and its trading volume has increased by 49.84%.
Current Price Action: Dogwifhat Performance Rating Above $1.5
Dogwifhat is currently showing bullish resistance above the $1.5 level, trading slightly below the 100-day elementary moving average (SMA) on the 4-hour chart. If the cryptocurrency can maintain its strength above this key level, it could potentially set the stage for a larger rally.
Moreover, the position of the Composite Trend Oscillator indicator shows that WIF may be ready for further price increases. The signal line and SMA of the indicator have risen above the zero line, suggesting that bullish pressure remains forceful in the market.
On the daily chart, WIF price is holding steady after successfully breaking above the $1.50 level. This resistance suggests that bulls could continue to dominate, potentially pushing the price towards the $2.20 level and the 100-day SMA.
Finally, the 1-day composite trend oscillator indicator suggests that Dogwifhat has a forceful potential to extend its bullish move. Both the signal line and the SMA of the indicator are currently in the overbought zone, with the signal line trying to cross above the SMA. This suggests that an additional move up may be imminent for the cryptocurrency.
Bigger Rally Potential: What to Look For
As the WIF price maintains its current resistance above the $1.5 level, it is expected that the crypto asset could start a rally towards the next key resistance level at $2.2. If the price breaks out and closes above this level, Dogwifhat could continue its bullish move towards the next resistance point at $3.58 and potentially advance to even higher areas.
However, if WIF hits resistance at $2.2 and experiences a rejection, it could begin to decline towards the $1.50 level. Once the price breaks below this support, it could signal a more bearish move, potentially leading to further declines towards the $1.02 level and beyond.
