Dogwifhat (WIF) recently achieved an important milestone by crossing the $2.1 resistance level, generating bullish sentiment among market analysts. This important achievement shows the strength to continue to rise and new heights.
Analysts are optimistic about WIF’s prospects, predicting continued strength and momentum in the market. As WIF surpasses this critical threshold, investor interest is expected to increase, driving earnings and positioning the asset for further growth.
This article analyzes the recent bullish sentiment among analysts as WIF crossed the $2.1 resistance level. It also seeks to assess the implications of this exposure, including potential price targets and market behavior.
Currently, WIF’s market capitalization is over $2.2 billion, with a trading volume of over $421 million. The price of the cryptocurrency is currently down 1.68%, trading around $2.26, its market capitalization is down 1.52%, while its trading volume is up more than 2% over the past day.
Analyst Sentiment: Optimism Surrounding WIF
On the 4-hour chart, WIF price is actively trading above the 100-day Simple Moving Average (SMA). As of the time of writing, the price is trying to retest at the $2.1 mark. After retesting at this level, WIF is expected to resume its upward trend.
The 4-hour Composite Trend Oscillator suggests that WIF may move in a short-term consolidation pattern before resuming its upward trend as the signal line appears to be moving below and above the indicator’s SMA.
Meanwhile, on the 1-day chart, WIF price is still trading below the 100-day SMA and retreating towards the $2.1 mark.
From the construction of the 1-day Composite Trend Oscillator, it can be observed that the price of WIF may go well as the signal line has made a cross above the SMA of the indicator, and both are moving out of the oversold area towards. zero line.
Future Scenarios for WIF Growth
As of now, the WIF price is moving back to the $2.1 mark. If the price meets a rejection at this level, it will start moving higher towards the $3.58 resistance level. Furthermore, a break above this level could trigger WIF to move higher to test the $4.86 resistance level and possibly further to test other higher levels.
However, if the price of WIF breaks below the $2.1 mark, it will continue to fall to the $1.47 support level. The crypto asset may drop further down to the $0.71 support level and other lower levels if the $1.47 support level is breached.
