Dogwifhat (WIF) Shows Potential Trend Reversal After Deep Retracement

Dogwifhat (WIF) is showing a potential trend reversal after a deep retracement from its previous resistance. Currently, the price is moving

Dogwifhat (WIF) is showing a potential trend reversal after a deep retracement from its previous resistance. The price is currently moving above a major support zone and trying to approach its resistance level. However, the overall market sentiment is positive, which also propels the altcoins to move in the upper direction. Traders and investors are closely watching WIF for a potential breakout to get profit from this journey.

At the time of writing, WIF is trading at $1.15 with a 24-hour trading volume of $826.61M and a market cap of $1.15B. Its price over the last 24 hours is up by 3.94%, and over the last week it is significantly up by 113.33% and showing high potential for the next major rally.

Source: CoinMarketCap

WIF Faces Key Resistance at $1.30

According to the crypto analyst GemXBT, WIF coin has been making significant bids in recent trading sessions, and the rally is now starting to gain momentum as the coin is trying to approach a critical resistance level of $1.30. A tight underlying support zone has also been established around $0.9, so a potential breakout, or breakdown, is possible.

The price is stabilizing as buyers and sellers test each other’s strength, leaving traders on edge for the next decisive move.

From a technical standpoint, short- to mid-term indicators are sending mixed signals. The Moving Averages Convergence Divergence (MACD) suggests a slight bearish reversal and precedes a phase of consolidation or a small pullback.

This implies that the recent rally in WIF might be heading for a cooling-off stage. The Relative Strength Index (RSI) is also showing the neutral signals, which implies that buying momentum is reducing as traders may start to find another one.

Source: X

This is normally a short-term bearish signal, warning of possible downside risk unless the bulls are able to regain control. WIF is in a neutral-to-bullish configuration, but the next few days are critical. A decisive breakout above $1.30 may reignite upward momentum, but a break below $0.9 may initiate a more severe correction. Volume and volatility are to be watched closely by traders since they may provide the keys to the next meaningful move in WIF.