- WIF finds strong support in the $3.55-$3.8 area
- Indicators noted persistent demand and strong bullish momentum.
Dog Hat (WIF) set a new all-time high of $4.83 on March 31. His outlook for this week is quite bullish. Technical analysis showed that $5.34 was the next area of interest.
On March 20, AMB Cryptoanalysis noted that the $2.4 level was a major resistance and that WIF holders were unwilling to sell at that time. This idea proved justified when the price rose above $2.46 and increased by almost 100% in a week.
WIF registers new decline as bullish trend continues
Source: WIF/USDT on TradingView
Price action on the 4-hour chart showed the continuation of the bullish market structure as the previous high at $3.3 was broken. This was a strong bullish signal as WIF is now in the process of setting a new high.
The low of $2.92 is the level that the bulls must defend to maintain the bullish structure. OBV rose on March 29 and remained relatively stable over the past 24 hours.
The RSI has been above the neutral 50 level since March 24, when the temporary lower resistance at $2.46 was broken. Trading volumes have also decreased over the past two days, which could be a sign that short-term consolidation was possible.
This will give the bulls time to catch their breath before making the next push.
Bullish sentiment increased last week
Open interest had moved sideways from 19 to 24. Bulls were emboldened when WIF broke above $2.46.
Speculators were willing to bet that the meme coin would turn a profit quickly. The funding rate was strongly positive, suggesting that participants preferred long-term funding rather than short-term funding.
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Spot CVD did not stop the continued upward trend. This was a sign of strong demand in the spot market. This means more gains this week and supports the idea of a rally above $5.
Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.
This is an automatic translation of our English version.