Key Takeaways
- WIF holds 12.66% weekly gains despite a recent 8.59% daily drop.
- Price remains above short-term EMAs, confirming bullish structure and support.
- $1.03 resistance remains a crucial level for confirming an extended bullish breakout.
Dogwifhat (WIF) remains center stage since its price action records a healthy correction from a mid-week major spike. As this report comes to life, current trading stands at $0.9301, recording an 8.59% one-day loss.
Though recording a near-short-term loss, however, the cryptocurrency still records a healthy 12.66% one-week gain so far, and this comes on the heels of a $929.1 million market cap and 24-hour trading volume of $450.67 million. These figures indicate sustained trader interest despite tapering momentum.
Yesterday, the breakout occurred from a consolidation phase, which was marked by narrow range activity and very little volatility.
The sudden surge in buying interest pushed up prices above the $1.05 level, resulting in a bullish breakout. Volume spiked on the same day, indicating good participation by market players.
The spike, however, was temporary because sellers came into the picture near the top, which resulted in profit-taking and a subsequent decline below the $0.95 level. As volume came back, so did the bullish pressure, and that opened the way to a slow retreat.
Also Read: Dogwifhat Eyes $2.69 Target Amid Bullish Price Momentum
WIF Indicators Signal Cautiously Optimistic Market Outlook
WIF is trading at $0.9319, marginally lower than its day’s high of $0.9896. The depreciation notwithstanding, the asset still trades above key support regions, with the 20-day EMA currently trading at $0.8881, the 50-day EMA at $0.8631, and the 100-day EMA at $0.8600.
These are still the cushion regions from which the current correction continues to tap into. The 200-day EMA, currently trading at $1.0319, still acts as a definitive resistance level that needs to be crossed to confirm a broader rising trend.
The Bollinger Bands show a broadening formation caused by increasing volatility. The price hit the top band at $1.0081 before retracing back to the mid-band around $0.8685, indicating a probable consolidation phase. The area may act as a reset before the new direction change.
Bullish Momentum Slows Near Key Support
The Relative Strength Index (RSI) comes to 53.79, which means that market conditions are evenly poised and slightly bullish.
The MACD line, however, continues to be above the signal line, and the histogram continues to stay in positive territory, albeit with fading momentum.
If the support between $0.86 and $0.88 continues to hold good, then WIF may quickly attempt to reach the $1.00 level and test major resistance near $1.03.
Also Read: Dogwifhat (WIF) Forms Bullish Pattern — Analysts Target $1.40 Next
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
