This Memecoin is Super-Bullish: Will it Trigger a Fresh Memecoin-Mania?

The sellers exhibited extreme strength during the last week which dragged the crypto market capitalisation below $2 trillion. Although the markets seem to have recovered above the range, the fear of an extended bearish trend haunts the rally. In the meantime, memecoins are exhibiting remarkable strength and are trying to rise above the interim resistance as Bitcoin price surges above $57,000. 

Amongst the other memecoins, the dogwifhat (WIF) price is exhibiting extreme strength and is poised to rise by over 22% in the next few days. 

The WIF price has remained stuck within a steep descending parallel channel while the volume remained within an average range. It indicates a decent participation of the traders who are exerting enough bullish and bearish pressure over the token. However, the price fought against the upward pressure throughout August and hence is believed to remain elevated until the end of the month. 

As seen in the above chart, the WIF price held the pivotal support at $1.514 and hovered around this range for a while. As the supertrend continues to remain bullish, the possibility of an extended ascending trend remains pretty high. Secondly, the RSI remains elevated and as long as the levels hold the ascending support, the price is expected to maintain a consolidated ascending trend. 

Therefore, the dogwifhat price is believed to rise and reach the interim resistance at $2 which happens to be the resistance of the descending parallel channel. Here the bulls are expected to exhibit some pressure which may help the rally to pierce above the channel and set up a fine ascending trend. However, the token may be said to rise above the bearish influence after it surges above the pivotal resistance at $2.7 which is a strong trend reversal zone. 

A rise beyond these ranges may validate a bullish breakout, which may help the dogwifhat (WIF) price to achieve new highs above $5.