bullish

Resistance

Million

Gains

<a href="https://www.newsbtc.com/news/dogwifhat-wif-tipped-for-stardom-analysts-expect-6-billion-market-cap-20-fold-price-increase/" target="_blank" rel="noopener ">Dogwifhat</a> (WIF) has recently demonstrated significant bullish momentum, as its price surged 19% to break through the $1.5 critical resistance level. The breakout above this key resistance suggests increasing buying pressure for the cryptocurrency and opens up new possibilities for further upward movement.&nbsp; 
As WIF maintains its momentum above the $1.5 resistance mark, the question is whether the bulls can continue driving the price higher toward the next resistance level at $2.2, or if a pullback is imminent. 
This article aims to inform the audience about the significant price movement of Dogwifhat, provide a detailed technical analysis of the breakout above the $1.5 resistance level, and assess <a href="https://www.newsbtc.com/press-releases/dogecoin-pepe-shiba-inu-floki-and-dogwifhat-lose-dominance-in-the-market-as-a-new-leader-emerges/" target="_blank" rel="noopener ">market</a> sentiment along with potential future price directions including key levels to watch. 
WIF was trading at around $1.69 and has increased by over 19% with a market capitalization of over $1.7 billion and a trading volume of over $734 Million as of the time of writing. In the last 24 hours, the asset’s <a href="https://www.newsbtc.com/news/dogwifhat-wif-tipped-for-stardom-analysts-expect-6-billion-market-cap-20-fold-price-increase/" target="_blank" rel="noopener ">market cap</a> has increased by more than 19%, while its trading volume has decreased by more than 20% 
<h2 id="strong-technical-analysis-breaking-through-1-5-resistance-strong">Technical Analysis: Breaking Through $1.5 Resistance</h2> 
Currently, the price of WIF on the 4-hour chart has printed two bullish candlesticks, surpassing the $1.5 resistance mark towards the&nbsp; 100-day Simple Moving Average (SMA). Since breaching this <a href="https://www.newsbtc.com/press-releases/polkadot-prepares-for-10-jump-dogwifhat-breaks-key-resistance-why-is-the-recq-presale-selling-out-fast/" target="_blank" rel="noopener ">key resistance level</a>, the digital asset has experienced a consistent upward trend, suggesting that bulls are taking control and could further drive the price higher. 
<img loading="lazy" decoding="async" class="size-large wp-image-633739" src="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM-1.jpeg?w=860&amp;resize=860%2C382" alt="WIF" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM-1.jpeg?w=1080 1080w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM-1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM-1.jpeg?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM-1.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently heading to 70%, suggesting that buying pressure is increasing and the asset might experience more upward movement. 
On the 1-day chart, although WIF is still trading below the 100-day SMA, it can be observed that the crypto asset with a single bullish momentum candlestick has <a href="https://www.newsbtc.com/news/dogwifhat-wif-sees-60-weekly-surge-but-analyst-warns-of-potential-retrace/" target="_blank" rel="noopener ">surged</a> past the $1.5 resistance level. With this recent bullish momentum, the meme coin could extend its rally toward the next resistance level at $2.25. 
<img loading="lazy" decoding="async" class="size-large wp-image-633740" src="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM.jpeg?w=860&amp;resize=860%2C382" alt="WIF" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM.jpeg?w=1080 1080w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM.jpeg?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-07-at-10.35.48-AM.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Finally, on the 1-day chart, the RSI signal line is ascending from the oversold zone toward 50%, further supporting the potential for a continued bullish move and indicating that buying pressure in the market is stronger than selling pressure. 
<h2 id="strong-potential-for-further-gains-what-to-expect-for-wif-strong">Potential for Further Gains: What to Expect For WIF</h2> 
As WIF’s price continues to gain traction, it is expected to approach the next key <a href="https://www.newsbtc.com/meme-coin/dogwifhat-targets-new-peaks-as-wif-exceeds-2-1-resistance-level/" target="_blank" rel="noopener ">resistance level</a> at $2.2. Should the price break and close above this level, it may continue its bullish move toward the next resistance point at $3.58 and potentially advance to even higher areas. 
However, if WIF encounters resistance at the $2.2 mark and experiences a rejection, it could start to decline toward the $1.5 level. Should the price break below this support level, it may signal a further bearish move, leading to additional declines towards the $1.02 mark and beyond. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/6TdUl0ZV/" alt="WIF" width="2283" height="1265">

Dogwifhat Gains Traction: WIF Jumps 19% Beyond Major Resistance Level

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