WIF Bulls Attempt Comeback After Breakdown — Can It Clear $1.67 Next?
Dogwifhat (WIF) has bounced impressively after a volatile drop near $0.98, a move that tested bullish conviction.
The daily chart reveals that the token is holding above its recent lows and is gradually reclaiming lost ground. This bounce has occurred alongside steady improvement in trend indicators, showing signs that WIF is regaining market strength.
The 9-day and 20-day EMAs are both sloping upward, confirming that short- and medium-term momentum remains in favor of the bulls. Importantly, price continues to respect the 9 EMA, a sign that short-term buyers are not backing down just yet.
Momentum Indicators Still Favor Bulls
The MACD line remains above the signal line, though the histogram bars have slightly narrowed—signaling a potential slowing in the pace of upside momentum rather than a trend reversal. This setup typically implies a bullish continuation is still on the table, especially if volume increases.
Daily chart for WIF/USD (Source: GeckoTerminal)
RSI, while recently cooling off from overbought territory, remains in the upper range of the neutral zone. This suggests there’s still plenty of room for another leg up before hitting exhaustion again, assuming no bearish divergence develops.
Crucial Levels to Watch: Can WIF Break $1.67?
WIF currently faces strong resistance in the $1.641–$1.671 range. These levels have historically acted as rejection zones, and only a clean daily close above them—with rising volume—would confirm the continuation of the upward trend toward $1.873.
On the downside, $1.122 now serves as immediate local support. If this fails, key levels to monitor include $0.609, $0.591, and $0.549, which all align with past accumulation zones. A breakdown below $0.98 would indicate that bulls have lost momentum and could spark a more aggressive selloff.
Potential Entry and Exit Points
For bullish traders, a confirmation breakout above $1.671 would serve as a strong long entry signal, with $1.873 as the next major target. However, more conservative entries might prefer a dip toward the $1.12–$0.98 range, especially if accompanied by bullish candlestick formations or increased buy volume.
Short-sellers may consider fading strength near $1.67 or $1.87 if momentum wanes or bearish divergences appear. However, given the positive alignment of EMAs and indicators, short setups currently carry a higher degree of risk without a confirmed breakdown.
Conclusion
WIF is showing signs of a technical recovery as bullish indicators line up in its favor. Momentum remains strong, but resistance around $1.67 will be the true test for continuation. Traders should watch for breakouts or rejections at these critical zones to determine direction and setup their strategies accordingly.
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.
