Dogwifhat (WIF) and BONK have shown resilience in the face of a decline in the crypto market over the past 24 hours. While meme coins like DOGE, SHIB, and PEPE experienced losses, WIF and BONK managed to gain about 6%. This defied the overall trend in the meme coin market, which saw a 5.8% decrease in market capitalization.
WIF, in particular, has been on an impressive upward trajectory, outperforming other meme coins since the Federal Reserve’s rate reduction. It has gained over 65% during this period, surpassing its counterparts. WIF also broke out of a downtrend, surpassing key resistance levels and showing bullish momentum on multiple indicators.
On the 4-hour chart, WIF is trading within defined channels and is targeting a resistance level around $2.643. A successful move above this level could propel WIF towards $2.939, and potentially even higher to $3.472. The SMAs provide support on the downside, preventing sharp declines.
The RSI and Stochastic Oscillator indicators suggest prevailing bullish pressure, with both nearing the oversold region. Additionally, WIF’s rising futures open interest indicates that traders anticipate further price growth. Monday saw WIF’s open interest reach a four-month high of $439.43 million.
However, a candlestick close below $2.038 would invalidate the bullish outlook. Overall, WIF and BONK’s resilience in the face of market decline highlights their strong potential in the meme coin category.