Price Action Overview In dogwifhat (WIF)?

Aug 20

Analyzing the price action of dogwifhat (WIF) on the day timeframe chart. The price structure displayed a remarkable 1102% increase in WIF price from $0.389 on February 26th, 2024, to $4.820 by March 31st, 2024.

However, the peak formed instability in dogwifhat price and led to the development of support at $2.3119 after dipping to $1.96 by April 13th, 2024. This support level appears to be the critical volume profile level characterized by the significant high volume present at that level.

Following the continued price activity, it peaked at $4.08 on May 29th, 2024, the price deteriorated sharply, shooting a breakdown by resonating with BTC price sentiments before.

WIF formed support at the $1.497 support zone, which is crucial at the time of writing, as it has consecutively tested this level twice and grabbed liquidity on the third attempt. Now, to break past the volume profile tool-based $2.3119 level, bulls need to show high interest, and then optimism could increase in the asset price.

If the price breaks the VP, the resistance would be $3.0261 and $4.0883. Failure to do so could lead back to $1.4973, and knocking that could lead to a $1.0101 mark.

Indicators Angle In WIF

Indicators-wise, the histogram in MACD looks flat and momentumless, below the zero line at 0.06645. Meanwhile, RSI has taken a jump from 14-SMA of RSI, as of writing flashed at 44.83, recovering from oversold territory.

Furthermore, the price of WIF is approaching the 50-day EMA on a micro-level from below. However, to experience a significant price surge, WIF needs to gain higher momentum to break past both the volume profile and the dynamic resistance of the 50-day EMA band, respectively.