Dogwifhat (WIF), a popular meme cryptocurrency, has seen a notable increase in its price over the past 24 hours, with an 8% surge. This upturn follows a downtrend over the past month, which has seen the coin depreciate by 36%. Despite this, Dogwifhat remains a strong contender within the meme coin arena as the sixth-largest player.
A couple of significant technical indicators, namely the Ichimoku Cloud and the ADX, intimate a potential build-up of bullish momentum. If the coin can overcome certain resistance barriers, it could see a more substantial surge. However, the current price hovers within a key range; any inability to sustain the present growth could signal a potential fall to lower supporting levels.
The Ichimoku Cloud indicator represents a state of indecision for Dogwifhat, with the price trading within the cloud. A breakout from the cloud upwards could predict a bullish trend, while any action within or below it suggests continued uncertainty. Likewise, the Average Directional Index (ADX) at 30.4, up from 25.3 in a day, indicates a strengthening upward trend, reinforcing the coin’s bullish momentum.
Regarding future price predictions, Dogwifhat is currently operating within a range between a resistance level at $1.97 and a supporting level at $1.64. If the upward trend remains strong, WIF could break the $1.97 resistance and potentially reach up to $2.56, translating to a 43.8% surge. Conversely, should the bullish momentum wane and trigger a downtrend, the WIF price could fall to a $1.64 support or even further to $1.35.