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During its rise, the price of Dogwifhat (WIF) increased by approximately 27% in the past week, making the meme token one of the best-performing altcoins. Given that investors are hopeful about the rise in WIF’s price, this upward trend continues.
Technical Data on WIF
WIF’s price drop concerning its potential to close above $4.00 was a significant blow. This situation could enable the meme token to reach its all-time high. However, this did not prevent investors from being hopeful about recovery and the continuation of the rise.
The general weighted sentiment of WIF holders is currently positive, which could be the first positive example in about two months. The last time WIF investors were optimistic about the meme token was in early April when the altcoin reached its all-time high of $4.85.
The market also supports the potential rise, as seen in the average directional index (ADX). The average directional index (ADX) measures the strength of a trend on a scale from 0 to 100. Values above 25 indicate a strong trend. Given that ADX is above the 25.0 threshold, the upward trend has some strength. This situation could grow further unless WIF investors prefer to sell their assets.
Price Analysis on WIF
The WIF price at $3.49 in the cryptocurrency is still above the 50-day exponential moving average (EMA). This is a very important support line. A drop below this could indicate a potential price decline. However, since investors and the market support the rise, WIF could close above the resistance at $3.62. This closure would make a rise to $4.00 and beyond possible, and if the meme token closes above $4.22, it could even form a new ATH. However, if the WIF price does not close above $3.62, a decline could occur. This would not only invalidate the bullish thesis but could also send the meme token below the 500-day EMA at $3.1.
