Joining other meme coins in the latest surge, Dogwifhat’s price jumped 15% in the last 24 hours after establishing new support. While its mid-term bearish bias remains intact, it currently shows strength daily.
The psychological $1 level has held well this month as Dogwifhat failed to extend its mid-term bearish. It appeared to have found support again and is now developing a new bullish pattern on the daily chart.
However, this latest surge in volatility looks more like a trap as the trend remains bearish on the mid-term scale. Just like the double-bottom pattern that sent the price to a high of $2.9 in July, WIF could initiate a drop if the price fails to increase above this high level in the latest surge.
If such a scenario plays out again, we may see a big and potentially last leg down to the $0.4 level, where a major buyback will likely take place.
On the other hand, if the bulls push the price above the mentioned July high to validate a break above the five-month resistance line, we could see a mega price movement to $10 after a clear flip through the current high. As it signals a buy, it is important to note that the bears are still in control.
WIF’s Key Levels To Watch
Source: Tradingview
Climbing back above the crucial $1.5 level, the immediate obstacle point for the bulls lies at the $1.95 resistance, followed by a hidden resistance of $2.38 and majorly $2.9, all tapped in July. Overcoming these levels should confirm a breakout for a bullish rally.
A weekly close under the $1.47 support, considered as the June-July low, could trigger a bearish extension to the key $1 level and potentially $0.55.
Key Resistance Levels: $1.95, $2.38, $2.9
Key Support Levels: $1.47, $1, $0.55
- Spot Price: $1.59
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: kebox/123RF // Image Effects by Colorcinch
