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Dogwifhat Price Rally: Is $1.03 the Next Key Resistance?
Dogwifhat Price– Dogwifhat (WIF) climbed 13.17% over the last 24 hours to trade at $0.97, as broader market optimism lifted risk-on assets. The rally follows Bitcoin’s recent breakout to new all-time highs, which has fueled momentum across several meme coins including WIF, PENGU, and SPX6900. WIF has now recorded a 4.41% gain over the past week, with daily trading volume reaching $570 million.
Cup and Handle Pattern Signals Uptrend Continuation
Chart data reveals that Dogwifhat (WIF) has broken out from a classic cup-and-handle formation, a bullish technical pattern that often precedes sharp upward moves. Adding to this strength is a golden cross between the 50-day and 200-day simple moving averages, which signals a potential long-term shift in trend.
The asset is currently approaching resistance near $1.031. Traders are closely watching the $0.90 level as immediate support, with sustained price action above it reinforcing bullish conviction.
Fibonacci Retracement Confirms Key Demand Zone
According to analyst Crypto Chiefs, a strong demand zone has formed between $0.8550 and $0.8776. This zone aligns with the 0.618–0.75 Fibonacci retracement levels, a range often used by traders to identify potential reversal or re-entry points.
Should WIF revisit this area, it may attract fresh buying interest. Maintaining price stability above this zone could pave the way for further gains in the near term.
On-Chain and Derivatives Data Support Upward Bias
Open interest in WIF futures has jumped 18%, now standing at $480 million. At the same time, trading volume has surged by 85%, reaching $2.41 billion, according to Coinglass.
This uptick in both volume and open interest suggests a wave of new long positions entering the market, strengthening the case for continued bullish momentum.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
