• Rebound from the support level at $1.35 could be key to WIF’s next move as price tests resistance near $1.80
• WIF token transfer has been on the rise, as well as its DEX trading volume since the rebound

On the daily chart, dogwifhat (WIF) registered a distinct rebound off the $1.06 support level – A sign of robust buying interest at this price juncture. In fact, the price seemed to be testing the $1.738 zone which acted as immediate resistance.

A convincing breakout above this level could target the next significant resistance at $2.00. This was indicated by the Volume Profile Visible Range noting a fall in trading activity above this zone until $2.50.

The MACD reinforced this potential upward trajectory with increasing bullish momentum, as the histogram was rising and the MACD line seemed poised to cross above the Signal line.

However, any retracement from its press time levels should find support at $1.06, where there was previous substantial trading activity – A sign of a robust defense by bulls. On the contrary, a sustained move above $1.80 could validate the bullish outlook and set the stage for a rally towards $2.50 and potentially higher. This would mark a significant recovery phase for WIF.

Conversely, a failure to breach this resistance might lead to consolidation or a retest of lower supports.

Token transfer and DEX volume

Analyzing the WIF token data revealed a dynamic trend in both transfer and decentralized exchange (DEX) activities. The ‘Token Transfer” saw an upswing in the total transfer value, increasing from around $400 million to over $1 billion, alongside a fluctuating but generally upward-moving number of transfers.

This alluded to growing liquidity and possibly higher demand for WIF across the market.

The charts complemented this by presenting an interesting pattern in trading volume and number of trades.