- Dogwifhat (WIF) breaks a downtrend, gaining 65% after the Fed rate cut.
- WIF surpasses key resistance levels, flipping multiple Simple Moving Averages.
- Traders eye potential new all-time high as momentum continues to build.
Dogwifhat (WIF) has broken free from a prolonged bearish spell, emerging from a descending channel on the daily chart. This breakout has stirred excitement as the token sets its sights on a potential all-time high.
With momentum building, WIF now stands at the threshold of significant price gains. This is fueled by macroeconomic factors and renewed investor optimism.
WIF Surges Following Federal Reserve Rate Cut
The surge began when the Federal Reserve cut interest rates by 50 basis points last Wednesday. Since the announcement, WIF has soared by more than 65%, surpassing nearly every other meme coin in the top eight, according to Coingecko.
This impressive performance reflects the market’s growing faith in Dogwifhat as a standout token in the meme coin sector. In addition to the rate cut, WIF’s rise has been aided by its breakout from a critical downtrend.
The token crossed a key trendline that has been weighing it down since May 29. This move, combined with its flipping of the 50-day, 100-day, and 200-day Simple Moving Averages (SMA), has triggered a wave of bullish sentiment.
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Breaking Key Levels Could Unlock Higher Gains
On the 4-hour chart, is eyeing the resistance at $2.643. A breakout above this level could catapult the token toward the next significant hurdle at $2.939.
Should this level break, WIF may continue its rally to test resistance at $3.472. This surge has not gone unnoticed by traders, who are watching the token’s movement with growing interest.
Every upward step brings WIF closer to its highest historical value, fueling excitement. As WIF climbs the charts, it reflects the market’s renewed enthusiasm for this Solana-based meme coin, making it one to watch in the coming weeks.
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