The situation with Dogwifhat remains complex: after an unsuccessful breakout attempt at the golden pocket level, the asset finds itself in a corrective state.
Technical Analysis of Dogwifhat
Currently, Dogwifhat's price movement continues to show a downtrend with lower highs and lows, indicating local and macro weakness. The most recent breakout attempt failed, with the price sharply rejecting from a significant resistance level. This has led to a return to the midpoint of the range, where consolidation is taking place.
Market Situation and Price Dynamics
The rejection at the golden pocket, defined by the 0.618 Fibonacci level, coincided with multiple resistance levels, including VWAP and the point of control. This confirms the ongoing downtrend, where the asset continues to form lower highs and lows. Currently, key support is located at the $0.30 level.
Expectations for Dogwifhat's Price
From a technical perspective, price action remains corrective and may stay this way until it tests the lower range near $0.30. This is a level to watch for a potential double-bottom formation. If buyers can defend this level, it could set the stage for a rally back toward $1.20.
At this point, Dogwifhat is awaiting the next significant movement. It is expected that if the price successfully tests the $0.30 level and forms a double bottom, it may lead to a shift in the current trend.
