With rising momentum, strong trading volume, and breakout chart patterns, analysts are watching closely for a potential rally toward the $2.00 mark.

Chart Patterns Point to a Bullish Continuation

On social platform X, technical analysts have highlighted bullish developments in WIF’s price structure. @CryptoJoeReal recently posted a 30-minute chart showing an Inverted Head and Shoulders pattern — a classic bullish reversal indicator.

Source:X

The neckline has already been breached, with the price moving briefly above $1.20 before pulling back. The projected target from this setup is approximately $1.385, suggesting more upside potential in the short term if the price maintains support above the neckline.

Another post from @WHALES_CRYPTOzz highlighted a breakout from a descending channel on the daily timeframe. This move indicates that WIF has broken free from its previous downtrend.

Source:X

If the token successfully retests the broken trendline, a further move toward $2.00 could follow. These chart patterns have generated interest among short-term traders and signal a shift in sentiment toward a more bullish outlook.

Market Activity and Price Volatility

Additionally, Brave New Coin’s recent 24-hour market data shows Dogwifhat trading within a range of $1.00 to $1.15, closing the session at approximately $1.10, down slightly by -0.77%. The trading day saw a brief dip followed by a recovery, highlighting the asset’s intraday volatility. Such movement suggests speculative interest, likely influenced by technical triggers and community-driven momentum.

Dogwifhat price is moved steadily upwards over the last 30 days. Source: Brave New Coin WIF market data. 

Volume analysis adds further insight. In the same 24-hour period, total trading volume reached approximately $467 million. This surge corresponds with the price’s upward move and supports the idea that increased buying activity — potentially from whales or trading groups — contributed to the reversal. Elevated liquidity during upward movements often strengthens price action and helps sustain rallies.

With a market capitalization of over $1.1 billion and nearly one billion tokens in circulation, Dogwifhat has secured a notable presence in the crypto market. Despite being launched as a meme coin, WIF continues to attract serious trading volume and technical analysis interest, driven by both its community engagement and growing investor participation.

Technical Indicators Signal Momentum Shift

Turning to other metrics, technical analysis of the weekly WIF/USD chart reveals signs of a trend reversal after a prolonged downtrend earlier this year. The Relative Strength Index (RSI) has climbed to 39.76, approaching the key 50 level. While it remains in bearish territory, the upward movement and position above the RSI-based moving average (25.83) indicate growing strength in the current trend.

Source:TradingView

The Bullish Breakout Power (BBP) indicator also supports this view. Now at 0.481, BBP has remained positive for three consecutive weeks, a notable shift from the sustained negative readings seen during the previous downtrend. This consistent positive momentum reflects building pressure for a potential breakout and indicates accumulation by traders.

WIF is now testing a key resistance range between $1.20 and $1.25. A decisive close above this area, backed by strong volume, could validate the current bullish trend and open the path toward the $1.80–$2.00 price range. If the price fails to break out, support is expected near $0.90–$1.00, where buyers may attempt to re-establish control.

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Filed under: Bitcoin - @ May 28, 2025 6:25 am