The memecoin market has shown signs of renewed momentum, and at the center of the resurgence is Dogwifhat (WIF). After a prolonged correction throughout early 2025, WIF has surged by over 35%, reclaiming critical technical levels and sparking speculation of a sustained bullish reversal. This article dives deep into the current price action, technical structure, and potential targets that could define the next leg of WIF’s journey.
Technical Structure: A Bullish Descending Wedge Forms
One of the most promising signals in the current WIF/USDT chart is the formation of a descending wedge pattern on the daily timeframe. Historically, this pattern is considered a bullish reversal signal—especially when it appears after a sustained downtrend.
On June 22, the price of WIF bounced strongly from the lower boundary of the wedge, marked by a green indicator on the chart. The following day confirmed the strength of this move with a bullish candlestick that reclaimed the $0.77–$0.78 horizontal resistance zone, now acting as support.
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What makes this setup even more compelling is the presence of a bullish divergence—visible as a black circle below the $0.78 level—where price made a lower low but momentum indicators did not follow suit. This disconnect often precedes strong reversals.
With both price structure and momentum aligning, the odds are increasingly favoring a breakout from the wedge in the coming days.
Momentum Indicators Turn Positive
Technical indicators are beginning to reflect growing bullish sentiment around Dogwifhat.
The Relative Strength Index (RSI) has broken out of its previous bearish divergence trendline and is now trading above the neutral 50 level—a clear shift from bearish to neutral-to-bullish momentum.
Even more significant is the Moving Average Convergence Divergence (MACD), which recently generated a bullish crossover (also marked by a black circle on the chart). This occurs when the MACD line crosses above the signal line, often signaling the start of an upward trend.
While these indicators have not yet reached overbought territory, their alignment supports the idea that selling pressure is waning and buyer interest is returning.
Together, these signals suggest that if WIF breaks above the upper trendline of the descending wedge, it could trigger a wave of buying activity from both retail and algorithmic traders.
Is the Correction Over? Elliott Wave Analysis Says Yes
Beyond classical chart patterns, Elliott Wave analysis offers another lens through which to interpret WIF’s recent price action—and it paints an optimistic picture.
According to wave theory, WIF completed a five-wave impulse rally in April, followed by a corrective A-B-C structure that bottomed out in late June. Notably:
- Waves A and C exhibit a near-perfect 1:1.618 Fibonacci ratio.
- The entire correction concluded at the 0.618 Fibonacci retracement level—a common support zone for healthy pullbacks.
- Wave C itself formed an ending diagonal, a typical feature at the end of corrective phases.
These textbook patterns increase confidence that the downside correction has likely concluded.
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If this interpretation holds, WIF may have already begun wave three—historically the strongest and longest leg of an impulse move—or alternatively, wave C of a larger corrective upswing. Either scenario opens the door for substantial gains.
Potential Price Targets: $1.20 and Beyond
Should WIF successfully break out from the descending wedge, the first major resistance lies near $1.20, aligned with the May 2025 highs. This level is critical—it previously acted as strong resistance and now serves as a psychological and technical barrier.
A decisive close above $1.20 could unleash parabolic buying pressure, as there are minimal resistance levels beyond that point on the chart.
More aggressive targets emerge under the Elliott Wave framework:
- If this is wave C of a corrective rally, the projected target is $1.67.
- If instead, WIF has entered a new primary impulse wave (wave three), new all-time highs become possible—potentially exceeding previous projections.
Such upside potential underscores why traders are closely watching this breakout setup.
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Frequently Asked Questions (FAQ)
Q: What is causing Dogwifhat’s recent price increase?
A: The surge is driven by a combination of technical factors—including a descending wedge breakout setup, bullish momentum indicators (RSI and MACD), and completion of a deep correction near key Fibonacci levels.
Q: Can WIF reach $1.20 again?
A: Yes. The $1.20 level is seen as the primary resistance target post-breakout. With increasing buying volume and positive market sentiment, this level is within reach in the short to mid-term.
Q: Is Dogwifhat a good long-term investment?
A: While highly speculative, WIF shows stronger technical foundations than many memecoins due to its clear chart patterns and community momentum. However, all memecoins carry high risk—only invest what you can afford to lose.
Q: What happens if WIF fails to break out?
A: A failure to break above the wedge could lead to retesting support near $0.65–$0.70. Traders should watch for volume and indicator confirmation before assuming bullish continuation.
Q: How does Elliott Wave apply to WIF?
A: The A-B-C correction with proportional waves and Fibonacci alignment suggests a high-probability reversal setup. If valid, it implies WIF is entering a powerful upward phase.
Q: Where can I track real-time WIF price data?
A: Reliable platforms offer live charts and technical tools for tracking WIF/USDT movements and identifying entry and exit points based on strategy.
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Final Outlook
Dogwifhat’s 35% rally marks one of the most significant comebacks in the memecoin sector this year. Backed by solid technical structure, confirmed momentum shifts, and strong wave patterns, WIF appears poised for further upside.
While risks remain inherent in any low-cap, sentiment-driven asset, the current setup suggests that the correction may be over—and a new bullish chapter could be unfolding.
Traders and analysts alike will be watching closely for a confirmed breakout above $0.78–$0.80 as initial validation, followed by momentum toward $1.20 and potentially $1.67 or higher.
As always, proper risk management and independent research are essential when navigating volatile markets like crypto memecoins.