Dog hat (WIF) has resumed its upward trajectory, with the price approaching the key $2.89 level as bulls regain control. After a period of consolidation, new buying pressure has fueled the meme coin’s rise, signaling that momentum is once again favoring the bulls. With increasing buying pressure and positive market sentiment, WIF is showing signs of an imminent uptrend.
As WIF approaches this significant resistance level, this article will evaluate its recent price action, highlighting the bulls’ regained strength. Through an analysis main technical indicators and market dynamics, this article seeks to assess whether the current bullish momentum is strong enough to push WIF past the $2.89 resistance, signaling the potential for further upward movement.
Shifts in Market Sentiment: Bulls Take Control as Buying Pressure Mounts
WIF has consistently maintained its position above the 100-day simple moving average (SMA) on the 4-hour chart, signaling an upward movement. Recently, the asset experienced a recovery from the $2.45 support level, further increasing positive market sentiment.
If the price remains above the SMA, it could establish a solid foundation for another upward move towards the $2.89 resistance level. This combination of support and bullish arrows suggests that WIF is well positioned for more earnings in the short term.
An analysis of the 4-hour Relative Strength Index (RSI) indicates renewed upside potential, with the RSI rising to 49% after previously falling to 41%, suggesting that buying momentum is gaining strength as the market change from one rude phase toward a more neutral stance.
Furthermore, the daily chart shows that WIF is facing significant upward pressure, as evidenced by attempts to form bullish candles. This positive trend is further supported by the asset’s position above the critical support level of $2.20 and the 100-day SMA. As WIF continues on this path, it strengthens the bullish sentiment in the market, paving the way for further gains as it approaches the $2.89 mark.
Lastly, the RSI on the daily chart is currently at 58%, having recently recovered from a drop to the 56% threshold. If the RSI continues to rise, it could signal even more strength in WIF’s price action. Furthermore, a sustained move above the 60% mark could increase the likelihood of continued bullish momentum and possible leaksreinforcing the positive outlook for the asset.
Key Resistance at $2.89: Can WIF Breakout?
WIF price could reach $2.89 resistance level if it demonstrates sustained upward pressure, reinforced by strong purchasing volume and positive market sentiment. A successful break above $2.89 could pave the way for further gains, possibly leading to new highs and increasing investor interest.
On the other hand, if WIF fails to break above this level, it could lead to a pullback, causing the price to fall towards the $2.25 support level. If it falls below this mark, the meme coin may continue its decline, potentially targeting the $1.50 level and beyond.