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- Dogwifhat (WIF) rebound from the Fibonacci level signals sustained upward potential, with $1.00 support crucial for bullish momentum.
- RSI at 47.25 indicates neutral momentum, while crossing above 50 could confirm growing bullish strength for WIF.
- MACD shows weak momentum, but a potential crossover above the signal line could trigger a stronger rally towards $1.37.
The current technical analysis from Rose Premium Signals indicates that WIF has formed an up-trending pattern since breaking above the Fibonacci level. WIF’s positive rebound has strengthened its potential for sustained upward movement. The asset should maintain a bullish trajectory as it surpasses the crucial support at $1.00. Investors are looking for volume confirmation to confirm the current upswing and potential further progress toward the $1.37 mark.
WIF Buyers Drive Uptrend
WIF appears to be approaching another leg of uptrend as it buyers have stepped in to push the price higher. After the bounce from the Fibonacci levels, the token has experienced higher demand from buyers in the market. A bullish momentum can be maintained as long as the price holds above the $1.00 support. These important price levels are now under close scrutiny by traders as major turning points. Breaching these resistance levels would allow for an extension of the rally and potentially drive prices higher.
Source: X
The RSI indicator is at 47.25, indicating that dogwifhat is neither overbought nor oversold at the moment. The RSI being below 50 indicates that momentum is still weak but token isn’t yet indicating signs of being either oversold or overbought. Moving above 50 on the RSI would indicate that bullish momentum is gaining traction. The RSI needs to be watched closely because it can signal the price is nearing overbought levels (above 70) or oversold levels (below 30).
Source: TradingView
MACD Shows Potential Crossover
The MACD indicates that the MACD line is at -0.013 and the signal line is currently at 0.007. This means that the momentum is currently weak because the MACD line is under the signal line. Nonetheless, with a small gap between them, a crossover of these lines could take place in the near future. The MACD histogram is indicating a modest upward trend. Crossing of the MACD line above the signal line might signal a more powerful rally that could take WIF closer to $1.37.
Volume is a key factor that can validate whether the current trend will prevail. Increased volume during an upswing in WIF’s price suggests growing investor confidence in the continued rally. Lack of increased trading volume could suggest that the current rally may not be long-lasting.
WIF is likely to rise in the near term if it manages to stay above the $1.00 support. With these levels in mind, traders should keep an eye out for potential price movements to $1.157, $1.265 and $1.372. Watching the RSI and MACD closely will help traders determine if the rally stands to continue.
