The overall market returns to a recovery trend last weekend as Bitcoin price showcased its sustainability around the $70,000 market. The positive turnaround uplifted the majority of meme coins like the increasing WIF prices.
Amid this rally, the Solana-based memecoin, dogwifhat rebounded from the 100 EMA slope and surged 55% to reach the $3.34 mark. Will the WIF price prolong its recovery if Bitcoin hits a new all-time high in the coming month?
The ongoing recovery trend in dogwifhat (WIF) price can be followed through an ascending trendline of a 4-hour time frame chart. The altcoin rebounded several times from this dynamic support indicating the buyers actively accumulate this asset during market dips.
The most recent pivot from the lower boundary on March 23rd ignited a 55% rise within five days. The Dogwifhat coin currently trades at $3.32 with an intraday gain of 2.23%. The market cap of this Canine Memecoin is $3.32 Billion entering the top 50 list of largest cryptocurrencies.
However, the WIF price witnessed an intense supply pressure at $3.55 resistance, evidenced by the long-wick rejection candle in 4 hours. The selling pressure may trigger a minor sideways below the aforementioned high, before giving a sustainable breakout.
Technical indicators:
MACD indicator: A bullish crossover state between the MACD and the signal line reflects an active recovery trend in play.
RSI: The 4-hour RSI slope above 70% indicates the market sentiment bolsters a bullish trajectory for the Dogwifhat coin.
Also Read: After DEX Volume, Solana Surpasses Ethereum Again: Here’s Where the SOL Price May Go Next!
Will WIF Price Ignite The Next Bull Run?
If the broader market remains bullish, the Dogwifhat price will likely hold its position above the $3 psychological level. This resistance flipped to support could provide buyers with a suitable launchpad to break beyond the All-Time High of $3.55. As per the Fibonacci extension tool, the post-breakout rally could chase a potential target of $5.2.
On a contrary note, if the supply pressure at $3.55 persists, the WIF price continues to extend a sideways trend.
