- WIF has strong support in the $3.55-$3.8 region
- The indicators pointed to continued demand and solid bullish momentum
dog hat [WIF] set a new all-time high of $4.83 on March 31. The outlook for this week is strongly bullish. Technical analysis showed that $5.34 was the next area of interest.
A March 20 AMBCrypto analysis found that the $2.4 level was a key resistance and WIF holders were unwilling to sell at the time. This idea was confirmed when prices broke above $2.46 and rose almost 100% within a week.
WIF posts a new swing low as the uptrend continues
Source: WIF/USDT on TradingView
The price action on the 4-hour chart showed a continuation of the bullish market structure as the previous high of $3.3 was broken. This was a strong bullish signal as WIF is now in the process of reaching a new high.
The swing low at $2.92 is the level bulls must defend to maintain the bullish structure. The OBV shot higher on March 29 and has been relatively flat over the past 24 hours.
The RSI has been above the neutral 50 since March 24, when it broke the lower timeframe resistance at $2.46. Trading volume also fell over the past two days, which could be a sign that near-term consolidation was possible.
This would give bulls time to catch their breath before moving higher again.
The bullish sentiment gained momentum last week
The Open Interest moved sideways from 19th to 24th. When WIF shot past $2.46, bulls were emboldened.
Speculators were willing to bet that the meme coin would make a quick profit. The funding rate was clearly positive, showing that participants preferred to go long rather than short.
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The spot CVD failed to stop its steady upward trend. This was a sign of strong demand on the spot market. It marked further gains this week and supported the idea of a rally above $5.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.