The latest increase in Dogwifhat’s price was triggered by a rejection last month. It recovered and traded in a tight range, but now looks set to break out of a key resistance while its mid-term structure remains weak.
Continuing the recent bounce off the key $1 level, WIF showed signs of strength daily and attracted another 15% gain in the last 24 hours. It now sits at a key $2 resistance level, negotiating for the next major move. Surging through this level could fuel bigger gains before the weekend.
The five-month resistance line is another major obstacle to watch for buying as it may threaten the bulls on their way up. Overcoming this dynamic resistance would validate a breakout for a bullish phase.
A rejection there could mark an end to this bounce (a retracement move) as it initiates another bearish phase. This could plunge the price to the $0.55 level that failed to materialize during the last drawdown. From the look of this, WIF’s landscape could change with the latest bullish bias.
Considering the lower low and lower high formation from its $4.7 peak in March, the market structure is still looking bearish on the daily chart.
WIF’s Key Levels To Watch
In the latest surge, there’s still room for recovery up to $2.38, where the descending resistance line lies. Breaking this line could trigger a rally to the $2.9 and $3.5 resistance levels before testing June and March’s highs.
If the bears show up again, the minor support level to watch is $1.625, followed by the monthly low of $1.35. The key $1 level is the next support to keep in mind for a breakdown.
Key Resistance Levels: $2.38, $2.9, $3.5
Key Support Levels: $1.625, $1.35, $1
- Spot Price: $1.98
- 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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