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The Dogwifhat (WIF) meme coin is still capable of rising despite its 10% decline

During its rise, the price of Dogwifhat (WIF) made it the best performing altcoin, rising almost 27% in the past week.

This bullish trend continues, as investors hope for a rise in the price of WIF.

Dogwifat owners are optimistic

She was WIF price loss for potential A close above $4.00 would have been a major blow, as it would have allowed the coin to reach a new all-time high. However, this has not stopped investors from being optimistic about the recovery and continued rise.

The general sentiment towards WIF token holders is currently positive, marking the first positive case in almost two months. The last time WIF coin investors were bullish on the coin was in early April when the coin hit an all-time high of $4.85.

WIF sentiment weighting.
WIF sentiment weighting. Source: Feeling

The market also supports upside potential, as evidenced by the Average Directional Index (ADX). The Average Directional Index (ADX) measures the strength of a trend on a scale of 0 to 100, with values ​​above 25 indicating a strong trend.

ADX Indicator for WIF Coin Price
ADX Indicator for WIF Coin Price Source: Commercial view

Since ADX is above the 25.0 threshold, the uptrend has some strength. This could increase in the future as long as WIF investors do not sell their cryptocurrency holdings.

WIF Price Forecast: Waiting for Recovery

WIF price remains $3.49 above the 50-day exponential moving average (EMA). This is a crucial support line. A drop below would indicate a possible drop in prices. But as investors and the market support the rise, WIF could close above resistance At $3.62.

This close would allow a rally to $4.00 and beyond, and if the coin closes above $4.22, a new all-time high could be reached.

WIF Price Analysis.
WIF Coin Price Analysis. Source: Commercial view

But if WIF price does not close above $3.62, it could see a decline. This would not only invalidate the bullish thesis but also send the meme coin $3.1 below the 500-day EMA.

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