Dogwifhat (WIF) has surged 12% in the last 24 hours, trading at $2.48 and nearing the $2.52 resistance level, which it has tested twice in the past two weeks.
The technical setup suggests a potential breakout above this level, but the feasibility depends on factors such as sustained buying pressure and market sentiment. If momentum continues, a rally past the resistance seems possible in the near term.
Dogwifhat Enjoys Bullish Bias
WIF’s rising Relative Strength Index (RSI) signals growing demand for the altcoin. This reflects the broader surge in the meme coin market since October 4. The sector’s market capitalization has increased by 12%, reaching $48.48 billion at press time.
The token’s RSI, which measures its overbought and oversold market conditions, is in an upward trend at 61.91. This suggests that buying momentum outweighs selling activity in the WIF market.
Read more: How To Buy Dogwifhat (WIF) and Everything Else To Know
Also, this RSI reading signals that the WIF price is trending upward, and there is still room for further growth before reaching overbought conditions, which usually occur when the indicator is above 70.
Furthermore, WIF’s Balance of Power, which measures the strength of buyers versus sellers in the market, is positive, supporting the bullish outlook. At press time, WIF’s BoP is 0.32, suggesting buyers are in control and pushing the price higher.
WIF Price Prediction: Why Resistance Must Fail
WIF is currently trading below the critical $2.52 resistance level, which has remained a hurdle since June. Over the past two weeks, it made two unsuccessful attempts to break through this level. However, the altcoin has surged by 12% in the last 24 hours and is now positioned to challenge this key resistance again.
A successful breakout is contingent on a surge in demand for the meme coin. If buying pressure intensifies, Dogwifhat’s price could rally 62%, pushing its price to $0.78.
Read more: Dogwifhat (WIF) Price Prediction 2024/2025/2030
Conversely, if sellers overwhelm buyers at the resistance level, Dogwifhat may face a correction, potentially dropping its price to the $1.37 support level.
The post This Is Why Dogwifhat (WIF) May Unlock a 62% Price Jump appeared first on BeInCrypto.
