Dogwifhat (WIF) has recently achieved a significant milestone by breaking through the $2.1 resistance level, generating bullish sentiment among market analysts. This pivotal breakthrough indicates potential for further upward movement and new highs.
Analysts are optimistic about WIF’s prospects, forecasting continued strength and momentum in the market. As WIF surpasses this critical threshold, investor interest is expected to rise, driving further gains and positioning the asset for sustained growth.
This article analyzes the recent bullish sentiment among analysts as WIF breaks through the $2.1 resistance level. It also seeks to explore the implications of this breakthrough, including potential future price targets and market behavior.
Currently, the market capitalization of WIF is over $2.2 billion, with a trading volume of over $421 million. The cryptocurrency’s price is currently down by 1.68%, trading at roughly $2.26, with its market capitalization down by 1.52%, while its trading volume is up by over 2% in the past day.
Analyst Sentiment: Optimism Surrounding WIF
On the 4-hour chart, the price of WIF is actively bullish trading above the 100-day Simple Moving Average (SMA). As of the time of writing, the price is attempting a retest on the $2.1 mark. Following a retest at this level, WIF is expected to resume its upward movement.
The 4-hour Composite Trend Oscillator suggests that WIF might move in a consolidation manner for a while before resuming its upward movement as the signal line appears to be moving below and above the SMA of the indicator.
Meanwhile, on the 1-day chart, the price of WIF is still actively trading below the 100-day SMA and is making a pullback toward the $2.1 mark.
From the formation of the 1-day Composite Trend Oscillator, it can be observed that the price of WIF may go bullish as the signal line has made a cross above the SMA of the indicator, and they are both moving out of the oversold zone towards the zero line.
Future Scenarios For WIF’s Growth
As of right now, WIF’s price is making a pullback to the $2.1 mark. If the price experiences a rejection at this level, it will begin to move upward toward the $3.58 resistance level. Furthermore, a break above this level may trigger WIF to move higher to test the $4.86 resistance level and possibly move on to test other higher levels.
However, if the price of WIF breaks below the $2.1 mark, it will continue to decline towards the $1.47 support level. The crypto asset may pose a further decline toward the $0.71 support level and other lower levels if the $1.47 support level is breached.