A series of lower highs and flat support has formed a descending triangle on the multi-day chart, a structure often associated with volatility expansion once a breakout or breakdown is confirmed. Market participants are now closely watching volume and sentiment indicators for clues on whether WIF will sustain support or break lower in the near term.

Triangle Formation and Analyst Sentiment Highlight Bullish Potential

On a recent X post, analyst @Safusignals shared a technical setup for WIF/USDT, describing it as an “amazing pattern” and confirming a long position. The accompanying chart showed a descending triangle, with WIF trading above support in the $1.00–$1.01 range.

This support zone has been tested multiple times, reinforcing its significance. The pattern is typically viewed as a consolidation structure, and the price behavior within it suggests market indecision, often leading to a breakout once buyers or sellers take control.

Source:X

Resistance levels at $1.318, $1.35, and $1.389 were identified as key upside targets in the case of a bullish move. The chart also includes a dotted upward projection, implying a possible breakout scenario. The declining trendline above price represents the dynamic resistance that would need to be broken on strong volume to validate the bullish reversal.

Price compression near the apex of this pattern, combined with repeated support tests, often precedes a sharp move. Traders are likely to interpret a confirmed breakout as a signal for momentum continuation toward higher resistance levels.

Another analyst from X, @grovot_en, flagged a “LONG opportunity” for $WIF on May 27. The alert was based on a detected liquidity zone—typically a region where large buy or sell orders accumulate, leading to stronger reactions when price tests the area.

Source:X

This observation aligns with the price behavior near $1.00, where recent trading suggests accumulation may be occurring. With both independent signals pointing to a potential upside setup, WIF has attracted increased attention from traders awaiting confirmation of directional bias.

Dogwifhat Price Prediction:Price Action and Volume Indicate Short-Term Bearish Pressure

On the other hand 24-hour chart of WIF reflects a sharp pullback, with the price dropping from around $1.11 to $1.01—a decline of 10.72%. The price action shows a clear downward trajectory, with only minor retracements failing to reverse the overall trend.

Despite an intraday bounce attempt, sellers retained control, pushing the price back near psychological support at $1.00. This sustained pressure suggests that bulls are currently reluctant to defend higher levels, and momentum favors the downside unless sentiment shifts.

Source:Brave New Coin

Volume for the period reached $391.14 million, a significant figure relative to WIF’s market cap of approximately $1.01 billion. The high turnover rate indicates that speculative activity is elevated, but the correlation between high volume and falling prices implies selling dominance.

This behavior is consistent with short-term exits or profit-taking, often seen during corrective phases. Until buy-side volume increases, dogwifhart price prediction may remain vulnerable to additional downside tests.

WIF’s status as a meme coin adds to its volatility. Built on the Solana blockchain and driven largely by community interest and online engagement, WIF lacks the strong fundamental backing of utility-based tokens.

Its low price-per-token and viral branding make it attractive for speculative trading, but also increase its sensitivity to shifts in market sentiment. This dynamic contributes to the sharp directional swings and requires traders to pay close attention to both technical indicators and social sentiment.

Weekly Momentum Mixed as WIF Struggles to Reclaim Bullish Bias

Additionally the weekly chart of WIF/USDT provides a broader view of its recent trend. After bottoming near $0.30 earlier in the year, WIF staged a modest recovery through April and May. However, the current week’s candle is red, reflecting an 8.61% drop, and suggesting that the recent bounce may be losing momentum. This could be attributed to the strong resistance encountered after the brief recovery and the failure to sustain higher levels above $1.10.

Source:TradingView

Technically, the MACD (Moving Average Convergence Divergence) shows early signs of a possible trend reversal. The histogram has turned positive (0.126), and the MACD line is rising toward the signal line. If a bullish crossover is confirmed, it could support renewed upside, provided it coincides with stronger price action. However, the signal remains incomplete without follow-through.

The Chaikin Money Flow (CMF), however, remains in negative territory at -0.20, indicating that capital outflows are still outpacing inflows. While the MACD implies momentum may be shifting, the CMF reflects continued caution from larger players or institutions. A crossover above zero in the CMF would reinforce a stronger bullish case and suggest broader market accumulation.

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Filed under: Bitcoin - @ June 1, 2025 7:39 am