The Dogwifhat price surged 6% in the last 24 hours to trade at $2.55 as of 00:58 a.m. EST on trading volume that soared 45% to $792 million.
Dogwifhat Price Aims For A Bullish Breakout
After a previous uptrend, the Dogwifhat price is moving in a sideways consolidation phase. It has found support around $2.20 (highlighted in yellow) and faces resistance near $2.79 (highlighted in red), according to data from GeckoTerminal .
The price of Dogwifhat has been interacting with the 50-day Simple Moving Average (SMA) and currently trades just below it, which might act as immediate resistance. Meanwhile, the price has bounced from the 200-day SMA, indicating that this level is acting as strong support. As long as the price remains above it, the long-term trend remains bullish.
The Relative Strength Index (RSI) is currently at 53.84, which is in the middle of the range (30-70), suggesting that the market is in a neutral state. It is not yet overbought (above 70) or oversold (below 30) territory, giving room for the price to move in either direction. The slight uptick in RSI suggests some positive momentum but not a strong enough signal for a significant breakout.
The Moving Average Convergence Divergence (MACD) line (blue) is slightly above the signal line (orange), with a small positive value (0.0152), indicating weak bullish momentum. However, the histogram shows minimal momentum, suggesting that the market is still in a consolidation phase.
WIFUSD Chart Analysis Source: GeckoTerminal.com
Dogwifhat Price Prediction
The general Dogwifhat price analysis shows that WIF exhibits some bullish sentiments, as the bulls aim for a breakout above the sideways pattern. If they succeed in pushing the price of Dogwifhat up, WIF could soar, as the bulls target $3.5.
However, if the bears take control of the price here, WIF could plunge, with $2.0 acting as the next possible support level.
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