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The Dogwifhat price pumped over 2% in the last 24 hours to trade at $3.36 at press time.
The Dogwifhat Price Testing Resistance
In the recent sessions on the 4-hour chart, the Dogwifhat price has shown a volatile trend. It reached a high of $3.4767 before correcting slightly to a close of $3.4341. The upward trajectory indicates potential bullish sentiment in the market as the price oscillates above both the 9 Exponential Moving Average (EMA) and 20 EMA, suggesting a possible continuation of the uptrend.
As of the latest sessions, the 9 EMA readings have increased progressively from $3.272 to $3.361. The Solana meme coin’s price has also stayed consistently above the 20 EMA, which has risen from $3.163 to $3.248. This crossover and the subsequent gap widening between the 9 EMA and 20 EMA typically indicate strengthening bullish momentum. However, traders should watch for any narrowing of this gap, which could signal a weakening in buying pressure.
The Moving Average Convergence Divergence (MACD) values show a nuanced picture. While the MACD line remains above the signal line, the histogram values are negative. This illustrates a smaller momentum in the bullish trend than previously expected. It could also suggest some caution, as the market might not be as robustly bullish as the moving averages alone would imply.
The Relative Strength Index (RSI) supports the bullish outlook with values steadily above 50, indicating a predominantly buying-dominated market. The latest RSI at 64.15, despite being below the peak of 66.99, remains in a zone that suggests the asset is neither overbought nor oversold, offering room for further price appreciation.
Key Levels to Watch
In terms of key levels, WIF is currently challenging resistance around $3.4663. A decisive breakout above this level could see the next tests at $3.5364 and an extended push towards $3.7982 if the bullish momentum continues. On the flip side, should selling pressure resume, support levels at $3.2202 and $3.2189 are critical. A breach below these points could intensify selling, pushing prices towards the $2.9993 support.
Given these dynamics, potential entry points for long positions might be considered around the current levels or on a successful retest of the $3.2202 support, assuming it holds. For short trades, an entry could be considered if the price fails to sustain above the current resistance and breaks below the key support levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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