This article is also available in Spanish.
Dogwifhat (WIF) has emerged as one of the standout coins this cycle, and a big move could be imminent. WIF is trading just above $2.5, a key support level that senior analyst and investor Ali Martinez believes could be the springboard for a 17% rally to the $3 mark.
Martinez shared a technical analysis highlighting WIF’s strong base above $2.5, indicating that bullish momentum is building for the token.
Related reading
With the WIF stabilizing above this crucial level, investor optimism and trading volume are on the rise, suggesting that short- and long-term bondholders are preparing for another move higher. The next few days – or even hours – could be crucial, as WIF is at a pivot point that could pave the way for big gains.
With interest in meme cryptocurrencies growing and market sentiment favoring breakouts, Dogwifhat is on track to test the $3 mark soon. If WIF succeeds, it may continue to attract more attention as one of the leading tokens in this meme coin cycle.
Dojoyvat settles above the main support level
Dogwifhat (WIF) remained in a consolidation phase after hitting a local high at $2.97, and is now settling above the crucial support level at $2.5. According to senior analyst Ali Martinez, this period of consolidation could pave the way for a breakout.
Martinez shared a technical analysis on
Martinez’s analysis indicates that the WIF resistance level within this bullish pattern is located around $2.6. Should WIF break above this key resistance, it is expected to rise to the $3 mark, which could lead to renewed interest in the token.
As meme traders know, FOMO (fear of missing out) can quickly drive demand, especially for tokens with strong online communities and viral appeal. A move above $3 could position Dogwifat as a major contender among meme coins this cycle, which could lead to increased trading volume and broader market interest.
Related reading
However, broader market conditions, especially Bitcoin’s price action, will play a crucial role in determining whether WIF and other memecoins continue their upward trend. Many traders and analysts are watching Bitcoin closely, as a rise above its all-time high could spur a rally in the entire market.
If Bitcoin reaches new highs, the resulting optimism and capital influx could serve as the final push Dojoyvat needs to jump to the $3 mark and beyond. Until then, WIF remains in a holding pattern, with the potential for a breakout contingent on technical catalysts and broader market sentiment.
WIF technical levels to watch
Dogwave (WIF) is trading at $2.56, above the 4-hour moving average (MA) set at $2.49. This move above the 200 MA indicates bullish momentum, and WIF is holding strongly at the $2.52 level. This $2.52 mark was previously resistance, and is supporting the token’s uptrend.
For WIF bulls to build further momentum, the price must cross the $2.7 mark, which could pave the way for a rally to local highs around $3. A breach of these levels could attract renewed buying interest, especially as the market anticipates broader upward moves in leading assets.
However, if WIF fails to maintain its position above the $2.5 mark, it could face a pullback, with support potentially in a lower demand zone around $2.41.
Related reading
This period of consolidation and testing of new support levels could ultimately strengthen the foundation for a sustainable uptrend. For now, the $2.5 support remains crucial as the bulls look to gather strength for a potential push higher.
Featured image by Dall-E, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.