- dogwifhat is likely to break the $3 resistance in the coming weeks.
- There could be a minor price dip soon, and bulls can re-enter at the lower timeframe support levels.
As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I have closely monitored the recent price action of dogwifhat (WIF). Based on my observations and technical analysis, I believe WIF is showing strong signs of breaking past the $3 resistance in the coming weeks.
As an analyst, I observed dogecoin (WIF) powerfully surging past the local opposition at a price of $2.37. This forceful advancement invalidated the notion that the memecoin could establish a confined trading range below its April range formation. The revitalized optimism now points to fresh bullish objectives.
The $4 mark is a strong possibility for the token to hit, given its current momentum. Yet, there’s a likelihood that the market may experience a brief pullback prior to resuming the upward trend.
WIF might see a divergence soon
On the 12-hour timeframe, the price action exhibited a robust bullish pattern, with the Relative Strength Index (RSI) indicating strong bullish momentum, exceeding the 70 threshold. The RSI and the price trend were following an uptrend, marking new highs together. However, if the RSI creates a lower peak while the price continues to climb higher, a bearish divergence occurs.
Traders should keep an eye on this and respond appropriately. To the north of the current price lies the resistance level at $2.92, which may cause prices to dip slightly. The Moving Average Convergence Divergence (MACD) indicator was strongly positive with a value above 0.05, suggesting substantial capital inflows.
Moving above the $2.37 and $2.5 thresholds indicates a bullish outlook among traders. They may adopt a bullish stance, seeking to open long positions for their swing trades near these support zones.
Futures data shows sentiment is healthy
Speculators’ eagerness for continued price growth was reflected by the increasing Open Interest, while the Long positions grew more influential as the funding rate climbed up.
Realistic or not, here’s WIF’s market cap in BTC’s terms
Although the temporary improvement in spot CVD was encouraging, it clashed with the volume indicators from the market trend. This discrepancy might signal a potential slowdown in the bullish trend for dogwifhat.
Based on current trends, it’s expected that WIF could experience a slight decrease in price during this week. Should this occur, potential entry points for buying (long positions) may present themselves at the $2.66 and $2.5 support levels.
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2024-07-22 18:15