Despite the top crypto tokens displaying a weak price action since the month started, the memecoin category has recorded a massive bounce back, with top tokens from the category adding significant valuation in their respective portfolio.
Furthermore, the dogwifhat (WIF) price has recorded a jump of over 6% within the past 24 hours and 28.08% over the past seven days, highlighting a bullish outlook for the memecoin in the coming time. The Year-to-Date (YTD) for the WIF token stands at over 2,600%.
dogwifhat Price Displays A Bullish Convergence!
The WIF price has displayed a significant uptrend during March by adding approximately 200% during this time. Furthermore, the memecoin concluded the month with a strong bullish sentiment by recording a new all-time high of $4.85 on the last day.
However, April has started on a bearish note as the crypto market has recorded a significant bearish trend reversal, and the industry experienced a correction of approximately 6.5% within a day, with the price of Bitcoin plunging below the $66,000 mark.
Following this, the memecoin category regained momentum during the early trading hours today, with the WIF memecoin successfully recording a bullish convergence in its technical indicator of Simple Moving Average (SMA) in the 4H timeframe. This indicates a high possibility of a bullish price action in the coming time.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating weak buying and selling pressure in the crypto industry. Moreover, the averages show a neutral trend, suggesting uncertainty in the future price action for the altcoin this week.
Will WIF Price Hit A New High Soon?
If the market holds the price above the support level of $4.0775, the bulls will regain momentum and test its resistance level of $4.7850. Maintaining the price at that level will set the stage for the dogwifhat token to attempt to test its upper resistance level of $5.50 this month.
Conversely, if the bulls fail to regain momentum, the WIF price will start trading under a bearish influence and fall to test its support level of $3.420. Furthermore, if the bears continue to dominate the market, it will plunge and prepare to test its low of $3 in the coming time.
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