WIF experienced a surge of over 12%, currently trading at $2.36.
A bullish breakout for dogwifhat suggests a potential upward trend.
The crypto market has seen brief bullish movements, with the global market cap standing at $2.16 trillion. Leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) showed temporary recoveries over the past 24 hours. Meanwhile, the Solana-based meme coin dogwifhat (WIF) has seen a 50% increase over the past month.
An analyst noted that, with the arrival of October, $WIF has broken out of a descending channel on the daily chart, indicating an upward trend that could push the price towards a new all-time high.
Following a 12.48% gain, WIF entered a bullish rally, surpassing previous resistance levels. Over the past 24 hours, the meme coin reached a peak of $2.37 and is currently trading at $2.36. During this time, daily trading volume stands at approximately $633 million, based on CMC data.
- Can WIF Sustain This Momentum?
WIF has shown positive price movement over the past seven days, recording a brief gain of 4.30%. At the start of the week, WIF was trading around $2.31, later reaching a high of $2.59 before falling sharply to a low of $2. - The four-hour technical chart shows the daily relative strength index (RSI) for WIF positioned at 55.50, indicating a neutral zone. The daily chart also suggests bullish momentum, with both the short-term 9-day and long-term 21-day moving averages below the current price.
- Additionally, the Chaikin Money Flow (CMF) indicator remains at 0.09, suggesting increased money flow accompanied by some selling pressure. The trading volume has also risen by 8.69%.
WIF Price Analysis
If WIF continues to climb, it may surpass the immediate resistance at $2.48. Conversely, a reversal could see the asset find initial support at $2.23.
*Disclaimer: The opinions expressed in this analysis are solely those of the author and do not constitute investment advice. TheNewsCrypto team recommends conducting individual research before making any investment decisions.*
