Dogwifhat (WIF) is showing a bullish momentum with a 9% rebound in 24 hours, backed by a symmetrical triangle formation. A breakout above the 100-day moving average (0.9466 $) could propel WIF towards $1.24, indicating a potential increase of 35%. Positive technical signals and market sentiment reinforce optimistic outlooks for 2025.
The recent crypto market surge following Jerome Powell’s indications of potential rate cuts in September has led to a more than 10% increase for Ethereum (ETH), exceeding $4,750. This positive momentum has also spread to memecoins, including Dogwifhat (WIF).
Dogwifhat has gained 9% over the past 24 hours, and its chart now displays an optimistic technical structure, suggesting a continuation of the uptrend.
On the daily chart, WIF continues to consolidate within a symmetrical triangular formation, a classic pattern that often precedes a bullish breakout. After undergoing a 40% correction following rejection at its descending resistance line, WIF successfully tested its ascending support line near $0.79, where buyers stepped in.
From this level, the token has initiated a solid rebound and is now trading around $0.92. Crucially, WIF is approaching its 100-day moving average, a level of $0.9466 that could serve as a launching point for a new upward phase.
With a strong resistance zone between $1.06 and $0.90, Dogwifhat could consolidate for a few days in this area before experiencing a breakout. The next target sits around $1.40, above the bearish trendline that needs to be liquidated.
If bulls manage to reclaim and maintain position above this 100-day moving average, WIF could climb toward its descending resistance line near $1.24 before that, representing an upside potential of 35% from current levels.
With a 12H RSI still in the neutral zone, breaking through the $1.06 level could propel Dogwifhat toward the $1.40 zone afterward. This represents a potential increase of nearly 64% from its current price.
Here’s how to accumulate WIF before its bullish breakthrough:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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