Dogwifhat (WIF) Price Rebounds by 6.96%, Yet Stays Subdued

Price activity in the Dogwifhat market has seen a price increase of 6.96% today as of the time of writing. However, the token’s price action still looks subdued, as its price has continued to move towards lower support levels ever since it poked through the $4.50 resistance in November. Let’s further examine this market below.

WIF Statistics:

Dogwifhat Price: $1.610

Dogwifhat Market Capitalization: $1.6B

WIF Circulating Supply: 998.84M

WIF Total Supply: 998.84M

Dogwifhat CoinMarketCap Rank: 68

Key Price Levels:

Resistance: $2.000, $2.500, $3.000

Support: $1.600, $1.300, $1.000

WIF Records Minimal Recovery After Testing the $1.500 Baseline

Bears in the Dogwifhat daily market have assumed strong control over price action in the market. As a result, the market seems to have regained a stronger downward momentum since a downward retracement occurred in the market below the 200-day Moving Average (MA) line. This has caused the market to fall consistently for five sessions.

Nevertheless, the corresponding price candle to the ongoing session has appeared green but below all the MA lines. Likewise, the Stochastic Relative Strength Index (RSI) lines have fallen deeply into the oversold region. Technically, all the available indications from this market suggest that downward forces are still dominant in this market and may cause further downward corrections through the $1.500 threshold.

Dogwifhat Market Sees Minimal Gains But Stays Subdued

Meanwhile, the WIF 4-hour market shows that price action has been retracing upward since the past two sessions. These are minimal gains and as such only portray the already noticed upward rebound on the daily chart. Also, this has appeared off the psychological price level of $1.500. Albeit, price action remains below all the MA lines on the chart, while the RSI lines have risen quite exaggeratedly into the overbought region.

It is worth noting that the seen price movement is quite minute, but the RSI lines have risen very sharply. Technically, this suggests the upside rebound is weak and as such gives room for headwind to regain control. This will eventually cause the market to fall through the technical support at the $1.500 toward the $1.000 mark.

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