Meme coin dogwifhat [WIF] has entered a critical phase as its price hovers near a vital demand zone. While recent momentum has faltered, long-term technicals suggest investors should remain patient, as a breakout past $1 remains within reach.
Despite sluggish price action over the past three weeks, WIF’s weekly chart continues to inspire optimism. The token broke a key resistance at $0.76 in early May, establishing a bullish market structure and creating a Fair Value Gap (FVG) between $0.70 and $0.80—now acting as a crucial demand zone.
After facing rejection at the $1.2-$1.3 range, WIF retraced to this FVG. Notably, bears failed to push prices below this area, signaling resilience from bulls. The On-Balance Volume (OBV) on the weekly chart also shows steady accumulation, supporting the case for a long-term bullish breakout.
However, zooming into the 12-hour timeframe paints a more nuanced picture. Dogwifhat had achieved a bullish structure break earlier this month after closing above $0.987. Yet, the recent inability to sustain momentum above the $0.98–$1 resistance range has raised caution.
This lack of follow-through coincided with Bitcoin’s rejection near the $110,000 level, sparking a broader market dip that saw WIF pull back 2.4% in the past 24 hours. The OBV on the lower timeframe has been in a slow decline, indicating persistent selling pressure despite attempts at recovery.
The Fixed Range Volume Profile highlights $1 as the Value Area High, a psychological barrier that WIF bulls have yet to reclaim as support. Without a strong push above this zone, analysts believe the price could revisit the $0.80 level.
Also Read: Dogwifhat (WIF) Price Prediction: Can $1.18 Resistance Hold Back the Rally?
Still, the overall structure remains bullish. If buyers regain momentum and break above $1 and then $1.2, a renewed rally could materialize. Until then, the $0.70–$0.80 demand zone offers a compelling entry point for long-term believers.
While short-term uncertainty clouds the outlook, dogwifhat continues to hold a bullish weekly structure. A decisive move above $1 could be the catalyst investors are waiting for.
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
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