Dogwifhat (WIF) Remains Largely Caged Under Strong Bearish Sentiment

The Dogwifhat token has appeared in the second spot on today’s list of top crypto movers.  This is despite the fact that the magnitude of its price increase is small.  As a result, the market remains under strong bearish influences and may fall below key levels.

Dogwifhat Statistics

WIF Current Price: $0.524

Market Capitalization: $503.85M

Circulating Supply: 998.84M

Total Supply: 998.84M

CoinMarketCap Rank: 103

Key Price Levels

Resistance: $0.600, $0.800, $1.000

Support: $0.500, $0.400, $0.300

WIF/USDT Buyers Seem Cautious

Buyers in the Dogwifhat daily market continue to record minor gains. This may be due to technical and fundamental factors causing traders to remain cautious. The latest price action on the chart has just surpassed the 20-day Moving Average (MA) line. The corresponding price candle is small but still hints at some positivity in the market.

Meanwhile, the Stochastic Relative Strength Index (RSI) lines are pointed upward in the overbought region. Consequently, this suggests that upside momentum is unlikely to sustain control of price action for much longer. Coupled with the fact that price action remains below most of the MA lines, the market is not yet ready for a significant move.

Dogwifhat Sticks to Little Gains

Low bullish momentum extends to the WIF 4-hour market. Here, we can see that price action has continued upward but at a minimal pace.  However, price action has risen above three of the four MA lines on the chart.  The latest price action appears green but remains relatively small.  Nevertheless, it keeps the market above the 20-, 50-, and 100-day MA lines.

Additionally, the Stochastic RSI lines are already in the overbought region, revealing that price action may not proceed much further upward. Therefore, targeting the $0.566 price level may be a reasonable expectation.

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