WIF bulls defend the $0.7 support – Can they drive a rally beyond $1?

• WIF has a bull potential based on a 1-week chart.
• To achieve this goal would be necessary to move over $ 1 and $ 1.18 along with increasing demand.

Dogwifhat [WIF] Bulls managed to defend the zone of support for a higher time frame around a demand zone $ 0.7.

In a report given in May Ambrpto noted that the escape around $ 1.2 was not An immediate opportunity to buy. Rather, the bulls could wait for $ 1.26 to be inverted.

This has become a reality, especially as Bitcoin [BTC] In the last week of May, it will withdraw from $ 111,000 and dropped over the next two weeks. At the time of writing, BTC continued the $ 100,000 store.

The Global liquidity index He gave a long -term crypto investors a good reason to expect the market to move higher, with Bitcoin The management of the assembly in the coming weeks.

WIF Bulls could try to break resistance of 1 $

After interrupting the scope of scope at the beginning of May, Memecoin He withdrew his escape to test the gap of real value that remained on the weekly chart.

It should be noted that the renewal of last month has seen a reduced weekly volume of trading.

FVG (Azure Box) represented a zone of demand and WIF reacted bull. Moving over $ 1.39 would be a bull market structure in a weekly chart.

Dogwifhat, however, was a big obstacle.

A one -day chart showed the bear structure. Moving over $ 1.07, the highest from June 10, would move the structure of the bull market. Momentum, however, has not yet been in favor of WIF Bulls.

RSI straddled the fence by reading 50, which did not show either the bull or bear dominance.

The CMF was at -0.03, unable to clean the threshold of +0.05, which would signal a significant influx of capital and high demand. The SuperTrend indicator gave the sale signal.

While traders do not have to sell immediately and even bet on long positions, it should be noted that reduced demand and the bear’s daily structure suggest that further losses were possible.

Long positions should therefore have tight stems below $ 0.7.

Movement beyond the resistance to a psychological round per USD would give traders a good reason to expect a continued move towards $ 1.2 and potentially higher if bitcoin achieves permanent profits and increases the market higher.

Resistance of liability: The information presented does not represent financial, investment, trading or other types of advice and are merely the opinion of the writer