As meme coins gained traction in the past 24 hours, Dogwifhat’s WIF broke out of a consolidation phase and resumed positive action. The trend currently looks bullish following a 14% increase since yesterday.
Last week saw WIF through an end to a three-week retracement after retesting the key $3 level. Holding this level as support, the meme coin entered a consolidation phase and remained calm throughout the week.
Things changed this week due to enhanced volatility and the price tests broke out of the consolidation phase yesterday. Trading looks indecisive today as the bulls are yet to reiterate actions due to low buying pressure.
While today may end strong, more positive actions should be expected in the future. An increase above $5 should set WIF up for bigger moves. Looking at the daily chart, it seems to be repeating last month’s pattern and if that comes into play, this current buying phase could reach $6.
The bears are currently off the market. If they return with a pull below the mentioned key level, it may navigate the ascending trendline, which has been acting as diagonal support over the past months. From the look of things, WIF will likely increase rather than decrease in the coming week.
WIF’s Key Levels To Watch
Source: Tradingview
The potential resistance level for the latest surge is $4.86 – November’s high. A successful break above it should soar the price to a new high of $6. The next key level to watch above this high is $7.
Losing the holding key support, the close level to watch for a rebound is $2.54, testing the ascending trendline. Breaking it could roll us back to last month’s $1.9 low.
Key Resistance Levels: $4.86, $6, $7
Key Support Levels: $3, $2.54, $1.9
Spot Price: $3.85
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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