Dogwifhat Gains Traction: WIF Jumps 19% Beyond Major Resistance Level

As WIF maintains its momentum above the $1.5 resistance mark, the question is whether the bulls can continue driving the price higher toward the next resistance level at $2.2, or if a pullback is imminent.

Technical Analysis: Breaking Through $1.5 Resistance

Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently heading to 70%, suggesting that buying pressure is increasing and the asset might experience more upward movement.

Finally, on the 1-day chart, the RSI signal line is ascending from the oversold zone toward 50%, further supporting the potential for a continued bullish move and indicating that buying pressure in the market is stronger than selling pressure.

Potential for Further Gains: What to Expect For WIF

However, if WIF encounters resistance at the $2.2 mark and experiences a rejection, it could start to decline toward the $1.5 level. Should the price break below this support level, it may signal a further bearish move, leading to additional declines towards the $1.02 mark and beyond.