Key Takeaways:
- Dogwifhat (WIF) has bounced off key support within a descending wedge pattern, signaling the potential end of its multi-week correction.
- Technical indicators, including RSI and MACD, show growing bullish momentum, pointing toward an imminent breakout.
- A confirmed breakout above $1.20 could trigger a parabolic rally, with potential price targets up to $1.67 or higher.
Like many meme coins, Dogwifhat (WIF) has experienced a steep decline in 2025 after its explosive gains earlier in the year. Despite a brief rally in April, WIF resumed its correction in May. However, the price action over the past few days has sparked fresh optimism as technical signals point to a potential breakout.
Could WIF be on the verge of a significant move higher? Let’s dive into the charts.
WIF Price Rebounds From Key Support
The daily chart reveals that WIF bounced sharply on June 22, validating the support trendline of a descending wedge — a typically bullish pattern. Following this bounce, WIF reclaimed the critical $0.78 horizontal resistance level, with a bullish candlestick formation emerging.
This price action, combined with a bullish deviation below the resistance and the descending wedge pattern, suggests that a breakout may be imminent. If confirmed, the next key resistance level sits near $1.20, corresponding with WIF’s May highs. A sustained move above this area could trigger a parabolic rally, as little resistance exists beyond this point.
Technical Indicators Support Bullish Momentum
The Relative Strength Index (RSI) has broken out above its bearish divergence trendline and now hovers above 50 — an encouraging sign of strengthening momentum.
Additionally, the Moving Average Convergence/Divergence (MACD) has completed a bullish crossover, reinforcing the bullish bias. While these indicators are not yet in full confirmation mode, they suggest growing upward momentum.
Overall, the daily chart points to a likely breakout toward at least $1.20.
Elliott Wave Count Signals End of Correction
Elliott Wave analysis further supports the bullish scenario. WIF’s recent correction appears to follow an A-B-C pattern, with the final wave (C) completing at a textbook 0.618 Fibonacci retracement level. Notably, the wedge formation also aligns with this wave count, increasing the probability that the correction has ended.
If this count is accurate, WIF could now be starting a fresh impulsive wave. Depending on whether this is a wave C or a longer-term wave three, price targets range from $1.67 to new all-time highs.
Also Read: Dogwifhat (WIF) Price Analysis: Is a Breakout Past $1 Imminent?
The combination of bullish price action, technical indicators, and wave structure suggests that Dogwifhat’s multi-week correction may be over. A breakout from the current descending wedge could pave the way for an aggressive rally, with $1.67 as the first major target.
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
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
