Dogwifhat (WIF) continues to maintain bullish momentum above the crucial USD 1.5 level, after a successful breakout above this level. This continued momentum has led to speculation about whether the assets are gearing up for a more significant rally or whether this momentum could eventually lose steam.
As WIF remains resilient above the $1.5 level, this article will provide technical analysis using key indicators to assess current price performance and evaluate the potential for a bigger rally, providing insight into the implications for the future of the asset.
Over the past 24 hours, Dogwifhat has risen 5.03% to around $1.53. The meme coin’s market cap has surpassed $1.5 billion, with a trading volume of over $421 million. During this period, the market capitalization increased by 4.64%, while trading volume increased by 49.84%.
Current Price Action: Dogwifhat performance evaluates above $1.5
Dogwifhat is currently showing bullish resilience above the $1.5 level and 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 pave the way for a bigger rally.
Also, the position of the Composite Trend Oscillator indicator shows that WIF could be poised for further price gains. The indicator’s signal line and SMA have risen above the zero line, indicating that bullish pressure in the market remains strong.
On the daily chart, the price of WIF remains stable after successfully breaking above $1.5. 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 strong potential to extend its bullish move. Both the signal line and the indicator’s SMA are currently in the overbought zone, with the signal line trying to break above the SMA. This suggests that additional upside for the cryptocurrency could be imminent.
Potential for a bigger rally: what to look for
As the price of WIF continues to maintain its current resilience above $1.5, it is expected that the crypto asset could start a rally towards the next major resistance level at $2.2. Should the price break and close above this level, Dogwifhat could continue its bullish move towards the next resistance point at $3.58 and possibly continue to even higher areas.
However, if WIF encounters resistance at the $2.2 mark and experiences a rejection, it could start falling towards the $1.5 level. If the price breaks below this support, it could signal a more bearish move, potentially leading to further declines towards $1.02 and beyond.
