Dogwifhat Bull Run in Jeopardy? Watch This Critical Level to Avoid Major Losses!

In the recent trading sessions on the 4-hour chart, the #Dogwifhat price has shown significant price movement. Starting from a closing price of $2.5311, the cryptocurrency has seen a steady increase, reaching a high of $2.7067 before slightly retracing to $2.6854. This upward trend indicates a positive momentum, though it faces significant resistance levels ahead.

The 9 Exponential Moving Average (EMA) shows an ascending trend, moving from $2.5821 to $2.6356, suggesting that the short-term sentiment remains bullish. However, the 20 EMA has been relatively flat, hovering around the $2.675 mark. This stagnation at a crucial resistance level of $2.7703, alongside the 20 EMA’s placement slightly above the recent closing price, could indicate potential resistance in the upward movement of #WIF .

The Moving Average Convergence Divergence (MACD) provides a deeper insight. The MACD line, despite being below the signal line initially, is closing the gap, showing decreasing negative values, which could be a sign of weakening bearish momentum. Furthermore, the MACD histogram moving from negative to positive values supports this potential shift towards a bullish sentiment. The Relative Strength Index (RSI) has risen from a low of 34.74 to a more neutral zone around 48.09, suggesting a reduction in the previously oversold conditions but still offering room for upward movement before reaching overbought territory.

Considering the current technical setup, $WIF might test the immediate resistance at $2.7703 again. If the price can sustain above this level, the next targets for bulls would be at $2.7941 and potentially at the more ambitious $3.0356 level. For traders looking to enter long positions, a sustained move above the 9 EMA with increased volume could serve as a good entry point. However, should the price fail to break above the $2.7703 resistance, it might retest support levels at $2.6725 and further down at $2.605. #MemeWatch2024 #altcoins #SolanaMemeCoin