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The Dogwifhat price jumped more than 60% over the past 24 hours to trade at $0.3304 at press time as investors bet big on the meme coin.
The Dogwifhat Price Could Pull Back Before Launching
4-hour chart for WIF/USDT (Source: TradingView)
The Dogwifhat price has printed a series of higher highs and higher lows over the past 24 hours, which has resulted in the formation of a positive price channel. If this bullish move continues, the meme coin may attempt to flip the $0.34730 resistance level into support.
On the other hand, a rejection from this threshold could lead to a retracement in the Dogwifhat price. In this bearish scenario, the crypto’s value may drop to the positive trend line that has formed on the altcoin’s chart over the past few days. This could lead to the Dogwifhat price dropping to the immediate support at $0.25290 in the next 48 hours.
This bullish thesis may be invalidated if WIF drops below the $0.25290 support level. In this bearish scenario, the meme coin could be at risk of correcting to the subsequent support level at $0.18220 in the short term.
Technicals Show Bulls Are Supporting WIF
Technical indicators on WIF’s 4-hour chart suggested that the Dogwifhat price may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bullish.
The MACD line was breaking away above the MACD Signal line, which indicates that WIF’s positive trend shows strong signs of continuing over the next few days. In addition to this, the RSI was breaking away above its Simple Moving Average (SMA) line. This is generally seen as a sign that buyers are growing stronger against sellers. As a result, it may be easier for bulls to push the Dogwifhat price up in the next few days than it will be for sellers to drag it down.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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