Why does WIF's next rally depend on closing above $2.5?
High buying volume, more encouragement!
Since Monday, September 23, the dogwifhat meme coin has been soaring, and it has risen 37% so far. What's more, it has broken through the seven-week high in one fell swoop, rushing to $2.27.
Speaking of which, this trend is a bit like when Dogecoin [DOGE] first became popular in 2021, both of which were running all the way. So, keep your eyes open.
However, the Fibonacci retracement line may catch the bulls off guard.
But looking at the current market structure, it is quite optimistic, and the OBV (on-balance wave indicator) shows that the buying power is very strong. Moreover, the trading volume is also rising, which is stronger than the highs in August and July, and it seems to be heading for $2.9.
Let's look at the downward trend in the second half of July. The 78.6% retracement level of the Fibonacci retracement line is at $2.5, which was previously a support and later became a resistance.
For the bulls, if the daily closing price can be stabilized at this price, the upward trend will be stable. Although it is unlikely to fall back, if Bitcoin (BTC) stumbles, dogwifhat may also have to take a breath.
Let's talk about the key price levels in the short term. The two areas of $2.45-2.5 and $1.8-1.9 are short-term resistance and support areas. There is also a lot of money eyeing $2.12!
We have to face the reality. The market value performance of dogwifhat in Bitcoin is a true portrayal of it. In these key magnetic areas, it is common for prices to pull back and forth. But as long as the $2.5 barrier is broken, the bulls can show their strength.
At present, I have locked in a potential dark horse coin that is about to soar. Doubling is just an easy jump! The bigger goal is to carefully select a batch of potential coins that are expected to explode before the end of the year. I will announce the specific big moves later. Click on the avatar to follow me and share directly!
