Dogwifhat (WIF) has recently demonstrated significant bullish momentum, as its price surged 19% to break through the $1.5 critical resistance level. This breakout above such a pivotal resistance suggests increasing buying pressure for the cryptocurrency and opens up new possibilities for further upward movement.
As WIF maintains its momentum above the $1.5 resistance mark, the pressing question is whether the bulls can continue driving the price higher toward the next resistance level at $2.2 or if a pullback is imminent.
WIF was trading at around $1.69, reflecting an impressive increase of over 19%. The market capitalization stands robustly at over $1.7 billion, while the trading volume has reached over $734 million at the time of writing. Notably, in the last 24 hours, the asset’s market cap has seen a significant rise of more than 19%, even though its trading volume has decreased by more than 20%.
From a technical analysis perspective, the price of WIF on the 4-hour chart has formed two bullish candlesticks, surpassing the critical $1.5 resistance mark and moving towards the 100-day Simple Moving Average (SMA). Since breaching this key resistance level, the digital asset has shown a consistent upward trend, suggesting that bulls are taking control and could further drive the price higher.
Additionally, an analysis of the 4-hour Relative Strength Index (RSI) reveals that the signal line of the indicator has risen above 50% and is currently heading towards 70%. This suggests increasing buying pressure, which could result in more upward movements for the asset.
On the 1-day chart, WIF, while still trading below the 100-day SMA, has surged past the $1.5 resistance level with a single bullish momentum candlestick. With this recent bullish momentum, the cryptocurrency could extend its rally toward the next resistance level at $2.25.
Further supporting this potential for continued bullish movement, the RSI signal line on the 1-day chart is ascending from the oversold zone toward 50%, indicating that buying pressure in the market is stronger than selling pressure.
As WIF’s price continues to gain traction, it is expected to approach the next key resistance level at $2.2. Should the price break and close above this level, it may continue its bullish move toward the next resistance point at $3.58, and potentially advance to even higher areas.
However, if WIF encounters resistance at the $2.2 mark and experiences a rejection, it could start to decline toward the $1.5 level. Should the price break below this support level, it may signal a further bearish move, leading to additional declines towards the $1.02 mark and beyond. WIF was recently trading at $1.75 on the 1-day chart, continuing to reflect the dynamics of a highly active market.
