In the latest recovery, meme coins are charting the most gains along with Dogwifhat, which has increased by over 70% since it tested a key level on Monday. The price is strong but the bearish bias remains intact.
After losing momentum for two weeks, WIF found a solid ground an inch above the key $1 level on Monday and the price bounced sharply due to a rejection. Since then, the key level has acted as support.
Buying volume increased yesterday and the price appeared strong again after a week of trading, although it failed to close above the crucial $1.5 resistance level that flipped as support in the last leg down.
Today appeared more volatile and the price increased to $1.77, passing through the crucial resistance. It has retraced a bit from that price level to where is currently trading at around $1.73.
Looking at the price action in the last five months, WIF’s trend remains bearish from a mid-term perspective. As shown on the daily chart, it maintains a lower low and lower high pattern. The current increase is considered a retracement move. It may resume bearish actions soon.
There’s no sign of a reversal at the moment. An increase above the $3 level should validate a bullish break out of the falling resistance line, serving as resistance level for months. The bears are still lurking around.
WIF Key Levels To Watch
Source: Tradingview
Following a two-day recovery from a five-month low, WIF is now slowly targeting $2. A surge above this price level could bring more recoveries to a higher resistance level of $2.38 and $2.9.
Towards the downside, the $1.47 and $1 levels are providing support. If the price falls again, the lower support level to consider for a breakdown is $0.55.
Key Resistance Levels: $2, $2.38, $2.9
Key Support Levels: $1.47, $1, $0.55
- Spot Price: $1.73
- 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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