WIF marked a spike of over 12%, trading at $2.36.
A bullish breakout for dogwifhat signals a potential rise.
The crypto market has exhibited brief bullish turns, with the global market cap at $2.16 trillion. Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies, staged brief recoveries over the past 24 hours. The Solana-based meme coin dogwifhat (WIF) has recorded a 50% uptick over the past thirty days.
On the other hand, an analyst observed that as October arrives, $WIF has broken out of a descending channel on the daily chart, signaling an upward trend. This breakout suggests the price may rise, potentially leading to an all-time high.
After a 12.48% increase, WIF chose a bullish rally for the day, breaking the previous resistance levels. Over the last 24 hours, the meme coin managed to hit a high of $2.37. At press time, WIF trades at $2.36. Amid this, the daily trading volume stands at around $633 million, according to CMC data.
Can WIF Continue this Momentum?
WIF has displayed the upward price action in the last seven days, with a brief gain of 4.30%. At the beginning of the week, the asset was trading in the $2.31 range. The token has climbed to a high of $2.59, eventually falling sharply to a low of $2.
The four-hour technical chart displays the daily relative strength index (RSI) of the asset positioned at 55.50 in the neutral zone. Moreover, the asset’s daily frame suggests bullish momentum as the short-term 9-day and long-term 21-day moving averages are marked below the current price.
Besides, the Chaikin Money Flow (CMF) indicator stays at 0.09, which indicates the increased money flow with selling pressure. Besides, the trading volume has spiked by 8.69%.
WIF price chart (Source: TradingView)
However, if the asset continues to climb up, WIF’s price might surpass the immediate resistance at $2.48. Conversely, if the price attempts a reversal on the support side, the initial support might be at $2.23.
Disclaimer: The opinion expressed in this chart 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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