The analysis of Dogwifhat (WIF) charts reveals the formation of key patterns and rising trading activity, which may indicate potential price movement.
WIF Charts Show Familiar Breakout Structure
On the 12-hour chart, Dogwifhat (WIF) is forming a cup and handle pattern, with the neckline around $1.39 to $1.40. Analyst Ali Martinez points out that the formation is developing in a way that could lead to a price push if buyers step in above this resistance.
To maintain the pattern's validity, the price must hold above $0.95. A move above $1.40 on substantial volume would indicate a breakout, with potential targets between $2.04 and $2.49, and possibly extending towards $3.22 based on Fibonacci levels.
Weekly Structure Holds, But Resistance Remains
On the weekly chart, WIF created a higher low, touching the ascending trendline. Analyst Jireon noted that the trend is still intact, but resistance at $1.26 remains a significant challenge. A close above $1.26 may suggest a shift toward the $3.80 zone, which has been a key level in previous rallies. The RSI is at 51.20, indicating balanced momentum.
Trading Volume Rises While Sentiment Stays Split
Data from Coinglass shows daily volume has reached $1.75 billion, increasing by 59%. Open interest stands at $560 million, an 8% rise over the same period. This reflects higher participation in the market, although the sentiment remains evenly split. The long/short ratio is at 0.9912, with long positions making up 49.78% and short positions 50.22%. This indicates neutral sentiment among traders after the recent rejection at key resistance.
The cup and handle pattern and increasing trading volume suggest the potential for further growth of Dogwifhat (WIF). However, current resistance and divided trader sentiment create uncertainty in the immediate price movements.
