Dogwifhat price is gaining interest this week as it trades near important chart levels. WIF just posted a solid daily gain and is now pressing against a familiar resistance zone.
A TradingView chart shows that WIF/USDT is moving inside a descending triangle pattern, and the price is getting squeezed toward a possible breakout point.
WIF Hits Resistance After Big Daily Move
WIF price is currently trading at $0.944 after jumping more than 11% in the last 24 hours. The daily candle shows a move, with price testing the upper boundary between $0.95 and $1.00, a zone that has acted as resistance for over a month now.
That zone isn’t new. WIF has struggled to break through it since early June, and formed a series of lower highs in the process.
Source: TradingView.com
These highs now create a clear descending trendline that’s keeping the price capped just under $1.00. If bulls manage to push WIF above that trendline and hold, the price could climb toward previous highs around $1.20 to $1.30. But until that happens, the resistance remains firm.
WIF Price Finds Support at the 100-Day SMA
On the other side, WIF price has solid support between $0.66 and $0.75, an area that has caught several dips over the past few weeks.
The 100-day Simple Moving Average (SMA), now sitting at $0.754, adds extra strength to that support zone. Every time WIF has pulled back toward this range, buyers have stepped in.
And the price hasn’t closed a daily candle below the 100-day SMA since early May. If that changes, though, the door would open for a drop back to the $0.66 level.
RSI Points to Momentum, but Triangle Still Holding
The RSI is sitting at 57.24, which suggests momentum is on the rise but not overheated. This is a healthy zone where the price can still push higher if volume kicks in.
While the triangle pattern is still in play, the RSI is hinting that bulls aren’t done just yet. A triangle like this, flat support and lower highs, often breaks with force.
The question now is which direction it will go. A candle above $1.00 could flip sentiment, but failure to break out might send WIF back to support for another retest.
Read Also: XRP Price to $500? Here’s What Happens if SWIFT Uses Ripple for Global Payments
WIF Price Getting Squeezed – What Comes Next?
WIF is caught between pressure from above and support below. Buyers are active near the 100-day SMA, and sellers are defending the $1.00 mark. WIF price is getting squeezed tighter inside the triangle, and that usually leads to a breakout. Whether it’s up or down will depend on what happens over the next few daily candles.
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The post WIF Price Approaches Breakout Level – What the Chart Is Telling Us appeared first on CaptainAltcoin.
