WIF (dog hat) Sees Strong Support in $3.55-$3.8 Region with Bullish Momentum
The cryptocurrency WIF, also known as dog hat, recently set a new all-time high of $4.83 on March 31. Technical indicators have shown strong demand and firm bullish momentum for the coin, with the next area of interest identified at $5.34.
Analysis from March 20 noted a key resistance level at $2.4, but WIF holders were not willing to sell at that time. This was evident as prices surged by almost 100% in just one week, surpassing the $2.46 mark.
The price action on the 4-hour chart indicates a continuation of the bullish market structure, with the previous high of $3.3 being broken. The bulls must defend the $2.92 level to maintain this structure, while indicators like OBV and RSI have shown positive signs for further price increases.
Bullish sentiment has accelerated over the past week, with speculators betting on quick profits for WIF. The funding rate has been positive, indicating a preference for long positions over short ones.
Spot CVD has also been on an upward trend, signaling strong demand in the spot market and potentially more gains for WIF in the coming days.
Please note that the information provided is solely the opinion of the author and does not constitute financial or investment advice. Stay tuned for more updates on WIF and other cryptocurrencies in the market.