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WIF breaks key resistance: Can it sustain the gain?

2min Read

Dogwifhat is accumulating bullish momentum from a key support level.

WIF

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  • WIF surges by 34% to break above the key resistance level at around $2.
  • Metrics indicate mixed reactions.

Dogwifhat [WIF] has declined by over 64% since 29th May. WIF was hovering around a vital $2 support level at press time, after surging by 34% since hitting its all-time low. 

This suggests a possible trend reversal. The price point has become a battleground for bulls and bears, with the outcome likely to determine short-term price direction.

The bullish momentum from this significant surge has pushed the WIF price above the descending trendline that has acted as a resistance level since 29th May. This could signal a shift in market sentiment, potentially attracting more buyers.  

Source: TradingView

As of writing, CoinMarketCap priced WIF at $2.05, a 2% increase in the last 24 hours.  Its market capitalization has surged by 2.04% to $1.99 billion over the last 24 hours.

The stochastic RSI indicates a neutral zone while approaching an overbought zone. The MACD indicator shows a neutral sign. This suggests that the market is in a “wait and see” situation.

Volumes rise as whales make their move

According to Santiment’s data, a spike in trading volume has accompanied the recent price surge.  This increased activity suggests growing interest from investors, potentially fueling further gains.

Additionally, the percentage of stablecoin total supply held by whales has spiked by 53.74%. This suggests an increase in the number of big holders who are observing the market for potential entries. This may impact the market and price direction.

The open interest per exchange indicated significant fluctuations. This reflects price swings and social volume variations. 

Source: Santiment

Bulls versus bears

AMBCrypto’s analysis of the long and short ratio data on Coinglass showed mixed sentiment among traders. The fluctuating ratio indicates that the market has no clear direction, with bullish and bearish sentiment alternating frequently.

Source: Coinglass

If the WIF price holds above the $2 support level and maintains its positive momentum, WIF is likely to surge higher. However, if the support fails, WIF may experience more selling pressure, resulting in further dips.

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Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets. He also has a background in market analysis, investment strategies, and economic forecasting.
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