Dogwifhat (WIF) is showing early signs of a bullish breakout after a prolonged correction. Technical indicators point to strengthening buying momentum for the Dogwifhat price, although some profit-taking has emerged near resistance. Holding key support could pave the way for further upside in the short term.
At the time of writing, WIF is trading at $0.1695 with a 24-hour trading volume of $112.98 million and a market capitalization of $169.32 million. Following the 9.31% gain over the last 24 hours, the Dogwifhat price structure and technical support point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Dogwifhat (WIF) Nears Key Support: Is a $1.35 Reversal Coming?
Dogwifhat Price Setup Signals Potential Move to $0.51
Furthermore, the crypto analyst Crypto Hunter Arab highlighted that the Dogwifhat price is showing early signs of a potential bullish breakout after spending weeks in a prolonged correction phase.
The meme coin is now testing a key descending trendline resistance, a level closely watched by traders. A confirmed breakout could signal renewed buying momentum and mark the beginning of a stronger upward trend for the Dogwifhat price.
Source: Crypto Hunter Arabβs X Post
The technical analysis provides an optimistic route for the Dogwifhat price in case it manages to overcome its current resistance level.
The initial targets are $0.2126 and $0.2749, followed by $0.3518 and $0.4342, with a bold long-term objective set at $0.5111. However, the traders are on tenterhooks, waiting for a breakout in order to anticipate a strong uptrend.
Technical Outlook Supports Upward Momentum
According to TradingView, the Dogwifhat price shows the strength of a solid bullish reversal formation, considering it has rebounded from the $0.137-$0.145 support level.
The Dogwifhat price has crossed the 20-period moving average and is approaching the upper band of the Bollinger Band at $0.1765 before slightly retracing. As long as the price does not fall below the $0.1650 level, the bullish formation will prevail.
Source: TradingView
MACD is indicating stronger momentum as the MACD line moves higher than the signal line while the histogram moves into positive territory.
However, the upper shadow in the recent candle may suggest some profit-taking around the resistance area of $0.1765 to $0.1800. With support around $0.1650 holding, the price may rally to $0.1800 to $0.1850.
As the Dogwifhat price has rallied well following its bullish price structure, the crypto market is highly volatile, and any breakout could turn into a fakeout if the BTC makes any downward movement from the current level.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Dogwifhat (WIF) Shows Strength After Downtrend; Bulls Target $1.35 Level
