Miami, Florida – The cryptocurrency market saw a resurgence over the weekend as Bitcoin maintained its stability around the $70,000 mark. This positive turnaround also had a ripple effect on meme coins, with WIF prices rising significantly.
One notable performer during this rally was the Solana-based memecoin dogwifhat, which saw a 55% surge to reach $3.34. The question on everyone’s mind now is whether the WIF price will continue to soar if Bitcoin reaches a new all-time high in the near future.
Analyzing the ongoing recovery trend in dogwifhat (WIF) price reveals an interesting pattern on a 4-hour time frame chart. The altcoin has repeatedly bounced back from a dynamic support trendline, indicating active accumulation by buyers during market downturns.
Recent market movements have been promising, with the WIF price experiencing a 55% increase within five days, currently trading at $3.32 with an intraday gain of 2.23%. With a market cap of $3.32 billion, the Dogwifhat coin has now entered the top 50 list of largest cryptocurrencies.
However, there seems to be intense selling pressure at the $3.55 resistance level, as evidenced by a rejection candle with a long wick in the 4-hour chart. This pressure could lead to a minor sideways movement before a potential breakout.
Technical indicators further support the idea of a bullish trend, with the MACD indicator showing a bullish crossover and the RSI slope above 70%, indicating a positive market sentiment towards the Dogwifhat coin.
Looking ahead, if the broader market remains bullish, the WIF price could potentially break above the $3.55 resistance level and aim for a Fibonacci extension target of $5.2. However, if the supply pressure at $3.55 persists, the WIF price may continue in a sideways trend for the time being.