- WIF surged over 13% and is currently trading at $1.24.
- Its daily trading volume has jumped by more than 157%.
With the brief spike in the crypto market, the assets have exhibited mixed sentiment. The assets, like Bitcoin (BTC) and Ethereum (ETH), are trading at $118.3K and $3.7K, respectively. Meanwhile, the meme coin market cap has surged by over 8.6%, settling at $89.8 billion. The assets opened the day on a bullish note.
Notably, the Solana-based meme coin dogwifhat (WIF) has recorded a gain of over 13.90% in the 24 hours. If WIF could break its series of crucial resistance levels, the price may move up, potentially hitting $2. With the solid surge, the meme coin has chosen a bullish rally for the day.
The asset opened the day trading at its bottom range of $1.08. A sudden bullish shift in the WIF market has pushed the price to climb toward a peak of $1.29, after breaking the resistance between the $1.09 and $1.28 zones. According to CMC data, at press time, WIF traded at the $1.24 level.
The meme coin’s market cap has reached $1.23 billion, with the daily trading volume increased by over 157%, standing at around $985 million. Besides, the market has observed a liquidation of $5.68 million worth of WIF in the last 24 hours, as reported by Coinglass data.
Will WIF Keep the Rally Alive?
WIF’s Moving Average Convergence Divergence (MACD) line is sitting over the signal line. This crossover indicates a bullish signal, and the upward momentum is building, with the asset’s price likely to continue gaining. In addition, the Chaikin Money Flow (CMF) indicator value settled at 0.12, suggesting a moderate buying pressure in the market. The money is flowing into the asset, and it can strengthen a potential price movement.
The meme coin’s daily Relative Strength Index (RSI) is found at 69.42, which implies that the asset is approaching the overbought territory, showing strong bullish momentum, but a reversal or pullback could be near. Moreover, WIF’s Bull Bear Power (BBP) reading of 0.156 signals a slight bullish dominance within the market.
With the asset’s active uptrend, the price might climb to the nearby resistance at around $1.31. An extended bullish correction could trigger the emergence of a golden cross, sending the WIF price toward the subsequent resistance at the $1.37 range. Conversely, on the support side, if the meme coin’s price attempts a reversal, the initial support level might be found at $1.19. A further correction on the downside could push for the death cross formation, driving the price of WIF to a low of the $1.13 zone.
Highlighted Crypto News
Bitcoin Market Dominance Shows Signs of Easing Hinting Potential Altcoin Season
