Dogwifhat (WIF) price analysis
Dogwifhat (WIF) currently trades at $2.92, with a 24-hour decline of 0.85% and a 7-day surge of 15.99% as of writing. Boasting a market cap of $2.9 billion and ranking 38th, WIF’s 24-hour trading volume stands at over $410 million, but a 28% drop in trading activity in the last 24 hours.
On the 4-hour chart, WIF appears to have formed a bullish pennant, breaking out on May 4th and is currently testing the descending trendline support as a retest. If this support holds, the token could rally to test the $3.54 right shoulder resistance once again. However, if the support fails, prices could plummet towards the ascending trendline or the neckline of the head-and-shoulder pattern at $1.9628.
The battle between bulls and bears continues on WIF. If the bulls can maintain the price above the critical $3.54 resistance level, they will gain a stronger foothold and drive further upward momentum. However, if the bears succeed in pushing the price below the $1.9628 neckline, it would signal their victory in this tug-of-war, potentially leading to fading gains and a bearish trend in the near future.
