• Dogwifhat price trades 20% higher on Wednesday after retesting its key psychological level of $1 the previous day.
  • WIF’s RSI emerged from its oversold condition, signaling a potential shift in momentum as selling pressure eases.
  • A daily candlestick close below $1 would invalidate the bullish thesis.

Dogwifhat (WIF) price trades 20% higher, above $1.26 on Wednesday after it retests its psychologically importance level of $1 the previous day. WIF’s Relative Strength Index (RSI) momentum indicators bounce off from its oversold conditions, signaling a potential shift in momentum as selling pressure eases, allowing for a possible recovery.

Dogwifhat price finds support around the $1 level

Dogwifhat price closed below the weekly resistance of $1.44 on January 20 and declined 24.15% until Monday. However, it rebound after retesting its key psychologically important level of $1 on Tuesday. At the time of writing on Wednesday, it trades higher by nearly 20%, around $1.26.

If the $1 support level holds and WIF closes above $1.44, the weekly resistance. It would extend the recovery to retest its next daily resistance at $1.83.

The daily chart’s Relative Strength Index (RSI) has bounced from oversold conditions. It now reads 37, signaling a potential shift in momentum as selling pressure eases, allowing for a possible recovery. Moreover, the Moving Average Convergence Divergence (MACD) indicator is also converging. If the MACD flips to a bullish crossover on a daily basis, it would give a buy signal and suggest an upward ahead.

WIF/USDT daily chart

WIF/USDT daily chart

Another bullish outlook is that Dogwifhat announced on its X account Wednesday that it will promote WIF on the Vegas Sphere. This announcement indicates a committed user base that believes in the project’s future potential and shows strong community support for WIF.

However, if the WIF daily candlestick closes below its psychologically important level of $1, the bullish thesis would be invalidated, leading to a further price decline to test the $0.9 level.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates while ETH and XRP show some strength

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates while ETH and XRP show some strength

Bitcoin (BTC) consolidated between $94,000 and $100,000 in the last nine days. Ethereum (ETH) and Ripple (XRP) prices stood relatively stronger and have gained nearly 3% and 7%, respectively, this week.

More Cryptocurrencies News
Trump's US reciprocal tariffs pause fails to improve Bitcoin and crypto market outlook

Trump's US reciprocal tariffs pause fails to improve Bitcoin and crypto market outlook

Bitcoin (BTC) and top cryptos halted their declines following a pause in President Donald Trump's reciprocal tariff plans, which were originally scheduled to go live on Thursday.

More Cryptocurrencies News
Ripple vs SEC battle nears end as the regulator acknowledges Grayscale XRP ETF filing

Ripple vs SEC battle nears end as the regulator acknowledges Grayscale XRP ETF filing

Ripple's XRP is up 4% in the early hours of Friday following the Securities and Exchange Commission (SEC) acknowledgment of Grayscale's 19b-4 filing to convert its XRP Trust to an ETF.

More Ripple News
200,000 New Investors Buy Ripple (XRP) 30-Days After Gensler’s Farewell: What Next for Stellar (XLM)?

200,000 New Investors Buy Ripple (XRP) 30-Days After Gensler’s Farewell: What Next for Stellar (XLM)?

Ripple (XRP) price consolidated around $2.40 on Thursday, up 11% since Monday, technical indicators suggest Stellar (XLM) has joined the rally.

More Ripple News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin's (BTC) price has been consolidating between $94,000 and $100,000 for the last ten days, and, when writing on Friday, it hovers around $97,000. Despite this consolidation, US Bitcoin spot Exchange Traded Funds (ETFs) data recorded a total net outflow of $650.80 million until Thursday, hinting signs of weakness among institutional investors.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP