Dogwifhat (WIF) recently reached a significant milestone by breaking the $2.1 resistance level, generating bullish sentiment among market analysts. This crucial breakthrough indicates potential for further upward movement and new highs.
Analysts are bullish on WIF’s outlook, predicting continued strength and momentum in the market. As WIF crosses this critical threshold, investor interest is expected to increase, generating further gains and positioning the asset for sustained growth.
This article analyzes the recent bullish sentiment among analysts as WIF breaks the $2.1 resistance level. It also seeks to explore the implications of this move, including potential future price targets and market behavior.
Currently, WIF’s market cap is over $2.2 billion, with a trading volume of over $421 million. The cryptocurrency’s price is currently down 1.68%, trading at around $2.26, with its market cap down 1.52%, while its trading volume has increased by over 2% in the past day.
Analyst sentiment: Optimism around WIF
On the 4-hour chart, the WIF price is actively trending upwards, trading above the 100-day simple moving average (SMA). At the time of writing, the price is attempting a retest of the $2.1 level. After a retest of this level, WIF is expected to resume its upward move. upward movement.
The 4-hour Composite Trend Oscillator suggests that WIF may move in a consolidative fashion for a while before resuming its upward movement as the signal line appears to be moving below and above the indicator’s SMA.
Meanwhile, on the 1-day chart, the WIF price is still actively trading below the 100-day SMA and is pulling back towards the $2.1 mark.
From the formation of the 1-day composite trend oscillator, it can be seen that the WIF price may rise as the signal line has crossed above the indicator’s SMA, and both are exiting the oversold zone towards the zero line.
Future scenarios for WIF growth
From now on, the price of WIF is making a setback to the $2.1 mark. If the price experiences a rejection at this level, it will start to rise towards the $3.58 resistance level. Furthermore, a break above this level could see WIF rise to test the $4.86 resistance level and possibly move on to test other higher levels.
However, if the WIF price dips below the $2.1 mark, it will continue to decline towards the $1.47 support level. The crypto asset could pose a further decline towards the $0.71 support level and other lower levels if the $1.47 support level is breached.