- WIF crypto price has surged by 1200% in the last 3 months.
- According to the trading volume, it ranks 16th in the cryptocurrency market.
Dogwifhat price chart has displayed an immense surge of 1200% in the last few months. The price recorded an all-time high of $4.88 on March 31, 2024, showing weakness. According to the chart behavior, it seems that the buyers are losing momentum, and the WIF price has stuck between the $2 and $5 levels.
Here, the $2 hurdle is working as a demand zone, and buyers are dominating this level. At the beginning of this month, the price exceeded the 20-day exponential moving average but failed to sustain and fell back.
At press time, the Dogwifhat (WIF) price traded at $2.91 with an intraday loss of 3.62%. The market capitalization is $2.90 Billion, which has decreased by 11% in the last 24 hours. The 24-hour trading volume is $570.25 million, and the fully diluted market cap is $2.90 Million.
Dogwifhat Crypto Price Struggling in a Parallel Channel; Breakout Loading?
The WIF crypto price has been struggling in a parallel channel and has just slipped below the 20-day exponential moving average. The price is heading toward the major support level.
If the WIF crypto falls to the $2 mark and fails to slip below the major support level, sellers may prefer to book profit, leading to a bearish momentum. If the asset price fails to defend the $1 mark, it may turn into a trend reversal.
Alternatively, if the price takes support on the major support level and forms any bullish candlestick, it may approach the upper resistance level. Suppose the digital asset price triggers a breakout and trading volume increases, and then it may gain bullish momentum and exceed the all-time high.
According to Bollinger Band (BB), the WIF price has faced resistance from the upper BB and slipped below the basis BB. The asset price has fallen below the key moving average. Overall, the technical indicators are favoring short-term bearish forecasts.
Dogwifhat Price Prediction Over 4-H Timeframe
In a 4-H time frame, the WIF price has struggled in a parallel channel and currently slipped below the 200-day EMA. It has faced resistance from the upper resistance level and is declining.
If the sellers remain strong, the price may abandon the support level of $2.20. On the other hand, if the asset price surpasses the 200-day EMA and is sustained, it may gain bullish momentum in the short term.
Conclusion
Based on the current market behavior and technical indicators, the WIF crypto price is struggling to maintain its bullish momentum and is facing resistance at the upper levels. However, if the asset price manages to hold the major support level and forms bullish candlesticks, it may approach the upper resistance level and trigger a breakout.
On the other hand, if the price falls below the major support level, it may lead to a bearish momentum and trend reversal.
Technical Levels
Resistance: $3.25 & $4.50
Support: $2.00 & $0.45
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.