Dogwifhat (WIF) is back on the uptrend with price approaching the key $2.89 level as bulls regain control. After a period of consolidation, renewed buying pressure is driving the meme price higher, signaling that momentum is once again favoring the bulls. With increased buying pressure and positive market sentiment, WIF is showing signs of an upcoming uptrend.

As WIF approaches this significant resistance level, this article will evaluate its recent price action, highlighting the bulls’ regained strength. By analyzing key technical indicators and market dynamics, this article aims to assess whether the current upside momentum is sturdy enough to push WIF beyond the $2.89 resistance, signaling the potential for a further upside move.

Market Sentiment Shifts: Bulls Take Control as Buying Pressure Increases

WIF has consistently maintained its position above the 100-day basic moving average (SMA) on the 4-hour chart, signaling an upward move. Recently, this asset has rebounded from the support level at $2.45, which further strengthened the positive market sentiment.

If the price holds above the SMA, it could create a solid base for another upward move towards the resistance level at $2.89. This combination of support and bullish arrows suggests that WIF is well positioned for further gains in the near future.

Analysis of the 4-hour Relative Strength Index (RSI) shows renewed upside potential, with the RSI rising to 49% after previously falling to 41%, suggesting buying momentum is picking up as the market moves from a bearish phase to a more neutral one stance.

Additionally, the daily chart shows that WIF is facing significant upward pressure, as evidenced by attempts to form bullish candlesticks. This positive trend is further supported by the asset positioning above the critical support level of $2.20 and the 100-day SMA. WIF continuing on this path reinforces bullish market sentiment, paving the way for additional gains as it approaches the $2.89 level.

Finally, the RSI on the daily chart is currently at 58%, after recently dropping to the 56% threshold. If the RSI continues to rise, it could signal further strengthening of WIF price action. Moreover, a sustained move above the 60% level could escalate the likelihood of a continuation of the bullish trend and potential breakouts, strengthening the positive outlook for this asset.

Key Resistance at $2.89: Can WIF Break Through?

WIF price could reach the $2.89 resistance level if it shows sustained upside pressure, boosted by sturdy buying volume and positive market sentiment. A successful break above $2.89 could pave the way for further gains, which could lead to fresh highs and increased investor interest.

Conversely, if WIF fails to break this level, it could lead to a pullback, causing the price to fall towards the $2.25 support level. If it falls below this level, the meme coin could continue its decline, potentially reaching $1.50 and higher.