Bouncing back from a slight correction mode, WIF resumed bullish and broke out to a new high a few hours ago. The price is up by 30% since yesterday, making it the top gainer of the market at the time of writing.
During the past weeks of drops, Dogwifhat corrected by roughly 30% in a week and later wicked at the $2 level. It held well above that price level and initiated a fresh buy after remaining indecisive for two days.
The price closed significantly above the $2.7 level last week and flipped a minor resistance line this week. Yesterday saw the meme coin through the major break above $3.56 – the previous high to a new one at $4 today – marking its highest price level so far. More highs are expected in the coming days.
However, it has rejected this daily high and has retraced to a trading level of $3.77 at the time of writing. That rejection could lead to a quick retest of the previous high – on the lower timeframe – before resuming the rally.
Right now, there is no room for selling on the daily chart. In case of a dip, the recent bounce level is the key support to keep an eye on. Interestingly, it remains the best-performing coin on the Solana ecosystem with the highest traded volume in the past 24 hours.
WIF Key Levels To Watch
Source: Tradingview
Flipping through $4 in the ongoing surge, the next potential resistance level for a test would be $4.5, followed by $5 and $5.5 in the near term.
As WIF aims to retest the $3.65 level as support, the lower supports to consider for a broader pullback are $2.75 and the crucial $2 level. A crackdown from there could plunge the price to $1 before rising back.
Key Resistance Levels: $4.5, $5, $5.5
Key Support Levels: $3.56, $2.75, $2
- Spot Price: $3.7
- 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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