Dogwifhat (WIF) surged 25% to $0.775, but key technical analysis indicates $1.09 as a crucial breakout level for further gains.
A breakout above $1.09 could pave the way for WIF to reclaim $5 ATH, but also depends on memecoin market momentum, Solana network growth, and increased liquidity. Dogwifhat (WIF) has seen a significant surge in the past 24 hours, climbing 25% to trade at $0.775. The memecoin has gained 22.15% over the past week, with its market capitalization now at $775.2 million and a 24-hour trading volume of $875.4 million. The memecoin listed among top gainers yesterday and the sudden price jump has sparked discussions about whether this surge is a temporary recovery or the beginning of a larger uptrend.
Technical Indicators Signal a Crucial Breakout Zone
Analyzing WIF’s technical indicators presents a mixed outlook. Of the 17 major technical signals, 8 suggest a buy, while ten indicate sell pressure, pointing to short-term bearish momentum despite the recent price surge. The most crucial level to watch is $1.09, which serves as a key resistance point. If WIF successfully breaks above this level, it could open the door for a further rally toward $1.51, a level that aligns with previous resistance zones. On the downside, the closest support stands at $0.6547, a break below which could trigger increased selling pressure and a potential retest of lower levels. The Relative Strength Index (RSI) currently stands at 54.48, which means it is gradually reaching an overbought level.
WIF/USDT Daily Price Chart (Source: TradingView)
Additionally, WIF is trading above its 10-day and 20-day Exponential Moving Averages (EMA), indicating a potential short-term bullish trend. However, it remains below the 50-day, 100-day, and 200-day EMAs, signaling that long-term momentum is still weak, and the asset needs further confirmation before a sustained recovery can be established.
Can Dogwifhat Price Revisit $5 ATHs?
Looking ahead, forecasts suggest that WIF price could experience gradual growth over the next ten days, with its price potentially reaching $0.7991 by March 15, 2025. Despite its recent rally, WIF remains 83.39% below its all-time high of $5, which it reached eleven months ago. Crypto Analyst Elevar in a video post on X explored the possibility for WIF to hit a second ATH. Analysts highlight $1.09 as the immediate resistance, as WIF needs to break above $1.09 before aiming at a new uptrend. On-chain data reveals 46.27% of WIF’s supply is concentrated in the top ten wallets, making price movements highly sensitive to whale activity. Additionally, WIF’s trading volume has spiked to $871.4 million, reflecting heightened interest but also increasing the risk of volatility. A breakout above $1.09 could open the path to $1.51, with further gains dependent on continued Solana network growth and memecoin sector momentum. However, a return to $5 would require not just price action but a broader memecoin resurgence, increased liquidity, and retail hype.
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