After weeks of decline, Dogwifhat (WIF) is experiencing a notable upward trajectory, making headlines as one of the standout performers in the cryptocurrency market. The meme coin’s recent breakout from a descending price action pattern, coupled with growing interest from long-term holders and a positive shift in market sentiment, has propelled its price into bullish territory.
Technical Analysis: Breaking Key Levels
According to expert analysis, WIF has successfully broken out of its descending price action pattern and retested its crucial support level of $1.80. This is the third time since November 2024 that WIF has found strong buying pressure at this level, historically signaling significant upside potential.
Analysts predict that if WIF manages to close a four-hour candle above the critical $1.945 mark, it could rally by 35% to reach $2.65. However, this bullish projection hinges on the coin breaching and maintaining above an inclined trendline. Failure to do so could put the bullish scenario at risk.
$16 Million Outflow Sparks Optimism
On-chain analytics from Coinglass reveal a $16 million outflow of WIF tokens from exchanges to wallet addresses. This significant movement indicates increased accumulation by long-term holders and reduced selling pressure, a trend often associated with upcoming price rallies.
Outflows from exchanges are typically viewed as a bullish signal, reflecting confidence among investors in WIF’s long-term potential.
Current Momentum and Trading Activity
At press time, WIF is trading near $1.89, up over 4% in the past 24 hours. Its trading volume has surged by 15% during the same period, highlighting growing participation from traders and investors following the recent breakout.
What’s Next for WIF?
As WIF continues to consolidate its position above key support levels, market sentiment remains optimistic. If the token successfully clears the $1.945 resistance, it could unlock a strong upward trajectory, drawing further interest from the crypto community. For now, traders are closely monitoring WIF’s technical indicators and on-chain data for signs of sustained momentum.
Also Read: Pudgy Penguins [PENGU] Surpasses Dogwifhat [WIF]: Is This Memecoin Here to Stay?
WIF’s recovery has reinvigorated enthusiasm for meme coins, with analysts keeping a close eye on its next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
