WIF Price Jumped 20% In 6 Hours: Are Bulls Eyeing For Huge Gain

• The trading volume has fallen by 50% in the past 24 hours.
• The WIF crypto price has surged by 50% in the past 2 days.

Based on the technical chart, WIF has declined through a descending channel. It has been falling by forming lower lows and lower highs, and the price has reached the lower low territory at press time.

In the last week of July, the Dogwifhat price tried to overcome the trendline but couldn’t. However, sellers dragged down the price to the lower trendline. It seems that the price has shown bullishness in the lower low territory and is ready to gain bullish momentum.

Dogwifhat crypto was trading at $1.64 with a massive 20% intraday surge. It has a market capitalization of $1.63 Billion with a 24-hour trading volume of $624.18 Million.

At press time, the circulating supply was 998,845,664 WIF and has risen by 2320% from its all-time low.

Is WIF Price Ready to Surge After Fake Breakdown?

A source on X claimed the WIF price is interesting, only over the $1.60 mark. The price has slipped below the support level of $1.50 with strong selling pressure.

$WIF Looks like breakout. Buy the retest and hold https://t.co/ENhhbGBIZN pic.twitter.com/3QKdzM8UbB

— MasterSAM (@mastersamtrades) August 7, 2024

However, the price produced a bullish engulfing candlestick pattern and tried to gain bullish momentum at press time.

Based on the chart, exceeding the $1.50 hurdle would be a bullish sign. Suppose the price advances to the crucial level of $1.50 and retest this level. It may witness strong buying pressure for the next few months.

Dogwifhat Price Technical Analysis; Breakout or Breakdown?

According to the chart structure, the WIF crypto price has been falling through a falling channel. The price has dropped to the lower trendline, and buyers showed interest at the time of writing.

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It seems that the buyers can potentially lift the price to the upper trendline. Suppose the price breaks out from the channel, it would carry buying momentum. The increase in trading volume would be a bonus for the buyers and boost the bullish momentum.

Alternatively, if the buyers fail to return, triggering a breakout would be difficult. Selling pressure can be anticipated if the crypto asset price remains below the $1.50 mark. 

Turning to the technical indicators, the RSI may repeat history as the RSI took support on the Lower Band in mid–June and secured a 50% gain. Recently, the RSI has taken support on the Lower Band, expecting a massive return.

Is WIF Price Ready to Shoot up Soon?

It seems that WIF crypto is currently at a critical crossroads. The price has shown signs of bullish momentum after a 20% surge within 6 hours and a significant increase in trading volume. 

The formation of a bullish, engulfing candlestick pattern and potential support at the $1.50 mark indicated a possible bullish breakout.

However, it is essential to closely monitor the price movement, particularly its ability to surpass the $1.50 hurdle and sustain bullish momentum.

Technical Levels

The WIF price may face resistance from the $2.35 and $3.50 levels. It is expected to take support on the $1.50 and $1.10 marks.

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.