- Bullish breakout triggered a confirmed breakout above the $0.563 neckline signals a potential upward trend, with a near-term target of $0.580 of dogwifhat (WIF).
- Volume Surge Indicates Interest a sharp 32.72% rise in 24-hour trading volume to $132.61M reflects growing trader engagement and momentum buildup.
- Momentum at a Turning Point RSI cooling to 51.02 and a weakening MACD crossover suggest cautious optimism, with bulls needing sustained pressure to confirm trend continuation.
The meme coin Dogwifhat (WIF) is capturing traders’ attention once again as it navigates a volatile trading range marked by shifting sentiment and technical breakouts.It is equally apparent that within the last 24 hours alone WIF has had considerable of oscillation in price, formation of technical patterns besides being tested for its critical resistance level thus becomes the focal point of popular discussion among the neighborhood retail and technical analysts. The movements on the chart drawn deftly by experienced traders, volume oscillation, and volatile performance indicates a battle between profit taking and new demand at WIF.
According to Trader Rai, WIF has successfully broken out of a bullish double bottom pattern, triggering a potential upside move as the price surged to $0.563, marking a 2.74% gain on the day.This has been coupled with a breakout above the neckline resistance at around $0.562, a long position targets $0.580, stop-loss at $0.555 giving a good risk-reward ratio. This occurrence is usually a reversal pattern that may be suggesting that the buying pressure for WIF may increase hence moving past the breakout level may lead to further gains. Market participants are closely watching for follow-through confirmation to validate this bullish setup.
Source: CoinMarketCap
Current Price for Dogwifhat (WIF)
The meme-inspired cryptocurrency dogwifhat (WIF) is trading at $0.540, marking a 0.54% dip over the past 24 hours despite a strong 32.72% uptick in 24-hour trading volume, which reached $132.61 million. The dogwifhat (WIF) market cap currently stands at $535.79 million, slightly down by 0.54%, with a full diluted valuation (FDV) mirroring the market cap at $540.8 million, suggesting full token circulation. The total and circulating supply both hold steady at 998.84 million WIF, indicating no further issuance. After peaking above $0.56 earlier in the day, WIF saw a mid-day decline but is showing signs of recovery in late trading, reflecting continued volatility and active market interest.
Source: CoinMarketCap
Indicators Show Tug-of-War Between Bulls and Bears
According to Technical indicator, Relative Strength Index (RSI) has lowered to 51.02 after painting highs above 70 indicating that the stocks are no longer over bought but rather on the mean. On the other hand, MACD presents a bullish crossover where the MACD line was at 0.032 while the signal line was at 0.039 indicating that the upward movements may be weakening. The indicators appear tired at $0.54 resistance level, and more downside appears probable unless price coupons a new leg up or WIF remains range bound.
Source: TradingView
