WIF Soars 27%, Is the Rally Just Warming Up as It Eyes the $1 Mark?

• WIF has marked a 27% jump and is trading at around $0.56
• Dogwifhat’s daily trading volume has surged by over 176%.

With the 6% recovery of the crypto market, Bitcoin has jumped to $93.6K, while Ethereum is trading within the $1.8K range. The recent gains have pushed the assets to their former highs. Meanwhile, the Solana-based dogwifhat (WIF) has lined up with a 27.12% rally

The WIF has tested its crucial ranges between $0.48 and $0.55. The recent command of bulls should hold the ground for a sustained bull run. In the early hours, the meme coin visited its daily low of $0.4466

As the sturdy bulls chose to reign, the daily high was hit at around $0.5662. As of now, dogwifhat trades at $0.5648, with its daily trading volume reaching $393 million. Besides, the market has observed a $3.65 million WIF liquidation, as per Coinglass data

Will WIF Maintain Its Momentum?

WIF’s four-hour price graph exhibits the bullish trajectory. The price might mount above the crucial $0.5607 resistance. If the uptrend persists, the meme coin could eventually climb and test the $0.57 resistance, also has the potential to eye more upside

On the downside, if dogwifhat failed to hold the uptrend, it could trigger the price to slide to the $0.5502 range. Assuming further downside correction for the meme coin, breaking down below the crucial level and moving to its former lows at around $0.54.

The asset’s Moving Average Convergence Divergence (MACD) line is residing above the signal line. This crossover indicates that the buyers are in control, with the potential for more upside

*WIF chart (Source: TradingView)*Additionally, the Chaikin Money Flow (CMF) indicator, found at 0.15, suggests a positive money flow and steady bullish sentiment. Meanwhile, dogwifhat’s daily trading volume is up by over 176%

Notably, the market sentiment of the meme coin is overbought with the daily relative strength index (RSI) at 82.84. WIF’s Bull Bear Power (BBP) reading of 0.128 signals the momentum is bullish but not strong.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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