WIFUSD: Approaching Technical Resistance Amid Growing Frenzy

Dogwifhat (WIFUSD) Analysis

Dogwifhat (WIFUSD) has been the revelation of the last 3 weeks as during that time it grew by more than +1000%. This rally is mostly euphoria driven and the frenzy may very well push even higher. But we can't neglect the technical Resistance levels along the way.

Key Technical Levels

The strongest of them is the top (Higher Highs trend-line) of the Channel Up pattern since it first started trading. The 1D MACD formed a Bearish into Bullish Cross pattern and last time we saw this was on January 25 2024, when the price started pulling back. In that sense, a short-term correction back to the 1D MA50 (blue trend-line) and Support 1 (1.01500) is a realistic scenario if the market is to find new buyers.