- WIF has strong support at the $3.55-$3.8 region
- The indicators noted persistent demand and firm bullish momentum
dogwifhat [WIF] set a new all-time high at $4.83 on the 31st of March. It has a strongly bullish outlook for this week. Technical analysis showed that $5.34 was the next area of interest.
An AMBCrypto analysis from 20th March noted that the $2.4 level was a key resistance and that WIF holders were unwilling to sell back then. This idea was vindicated when prices broke out past $2.46 and rallied nearly 100% within a week.
WIF posts a new swing low as the uptrend continues
Source: WIF/USDT on TradingView
The 4-hour chart’s price action showed a continuation in the bullish market structure when the previous high at $3.3 was breached. This was a strong bullish signal as WIF is now in the process of setting a new high.
The swing low at $2.92 is the level bulls need to defend to maintain the bullish structure. The OBV shot higher on the 29th of March and was relatively flat in the past 24 hours.
The RSI has been above neutral 50 since 24th March, when the lower timeframe resistance at $2.46 was breached. The trading volume also dwindled over the past two days which could be a sign that a short-term consolidation was possible.
This would give bulls time to catch their breath before the next push higher.
Bullish sentiment picked up speed last week
Source: Coinalyze
The Open Interest had been moving sideways from the 19th to the 24th. When WIF shot past $2.46, bulls were encouraged.
Speculators were willing to bet on the meme coin making swift gains. The funding rate was firmly positive, showing participants preferred to go long rather than short.
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The spot CVD did not halt its steady uptrend. This was a sign of strong demand in the spot market. It meant further gains this week and supported the idea of a rally beyond $5.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
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