Miami, FL – The cryptocurrency market saw a resurgence last weekend, with Bitcoin maintaining its stability around the $70,000 mark. This positive turn of events also led to notable gains in meme coins, such as the significant increase in WIF prices.
One noteworthy player in this rally was the Solana-based memecoin, dogwifhat, which experienced a remarkable recovery, surging by 55% to reach $3.34. The question on many investors’ minds is whether the WIF price will continue its upward trajectory if Bitcoin reaches a new all-time high in the near future.
Technical analysis of the ongoing recovery trend in dogwifhat (WIF) price indicates a pattern of ascending trends on a 4-hour time frame chart. The altcoin has repeatedly bounced back from dynamic support levels, suggesting active buying interest during market downturns.
Following its recent pivot on March 23rd, which saw a 55% surge in just five days, Dogwifhat coin is currently priced at $3.32, with a daily gain of 2.23%. With a market cap of $3.32 billion, this Canine Memecoin has now entered the top 50 list of largest cryptocurrencies.
Despite the positive momentum, WIF price encountered strong selling pressure at the $3.55 resistance level, as evidenced by a rejection candle with a long wick on the 4-hour chart. This pressure could lead to a temporary sideways movement before a potential breakout.
Key technical indicators, such as the MACD indicator showing a bullish crossover and the RSI above 70%, suggest a favorable market sentiment towards the Dogwifhat coin. Investors are keeping a close eye on whether the WIF price can sustain above the $3 psychological level and potentially break past the $3.55 resistance to reach new highs.
Looking ahead, the WIF price could experience a significant breakout if the broader market remains bullish, potentially reaching a target of $5.2 based on Fibonacci extension analysis. However, if the selling pressure at $3.55 persists, the WIF price may continue to trade sideways in the near term.