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- The WIF crypto price has surged by 35% in the past 2 days.
- WIF’s trading volume has increased 104% in the past 24 hours.
- The RSI has generated a bullish divergence, which showcases the bullish forecast.
The WIF price performed negatively last month and has slipped below the major support level of $2.30. The bearish trend was interrupted near the $1.50 mark in the last week of June and showed bullishness.
Sellers attempted again to drag down the price below the previous support level of $1.50. However, the buyers defended that level and lifted the price by 45% in less than 4 days.
For the past few months, the Dogwifhat price has declined by generating lower lows and lower highs. The price has extended to the lower high at press time and may show weakness. Buyers need to be stronger to overcome the lower high.
The dogwifhat crypto traded at $2.21 with an intraday gain of 2.62%. The market capitalization was $2.20 Billion, and the 24-hour trading volume was $657.23 Million at the time of writing.
Relative Strength Index Analysis
Relative Strength Index (RSI) has generated a bullish crossover with the RSI-based moving average. The RSI is 55 and heading toward the overbought zone.
The RSI has developed a bullish divergence with the price, indicating a bullish forecast. After the bullish divergence, the Dogwifhat price has risen by 35% in the past 2 days.
WIF Price Has Formed a Double-bottom Pattern
Dogwifhat price has shaped a double-bottom pattern on a daily time frame. The digital asset price has extended to the neckline of the double-bottom pattern.
Suppose the Dogwifhat price surpasses the crucial level of $2.30, the double-bottom pattern might attract buyers. The buying momentum over the $2.50 mark may help the price to reclaim the $4 hurdle in the next few weeks.
On the other hand, suppose the price takes a reversal after generating the lower high, it may perform negatively ahead. Bearish candlesticks at the lower high may convince sellers for a new lower low.
Expecting 2x Bullish Rally Soon?
$Wif
— World Of Charts (@WorldOfCharts1) July 15, 2024
Preparing For 2x Bullish Rally Breaking 1st Resistance Incase Of Successful Breakout Can no Target 3$ Descending Channel Resistance And If Channel Got Cleared #Wif Can Easily Hit 6$ In Midterrm#Crypto pic.twitter.com/4bjqxUPZLQ
A source on X claims that the WIF crypto price can move 2x in the next few weeks. If the price triggers a breakout from the trendline, it may approach the first target of $3. After the successful breakout from the first target, the Dogwifhat price may easily approach the $6 mark.
Will the WIF Price Continue Falling or Take reversal?
There were some positive signs for the WIF crypto price in the short term at the time of writing. The recent surge in price, increased trading volume, and bullish indicators such as the golden crossover in RSI and the double-bottom pattern suggest a potential bullish trend. If the price reclaims the $4 mark and breaks out from the trendline, it could potentially lead to a significant rally.
Technical Levels
The Dogwihat price is expected to face resistance from the $2.30 and $3.50 levels. The price may take support at $1.50 and $1.00 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
