Dogwifhat (WIF) Surges Past $3 Mark as Technical Patterns Signal More Upside Coming

TLDR:

• WIF has surged 27% in a day and 48.19% weekly, showing strong bullish momentum
• Technical analysis suggests a potential target of $4.860 through a symmetrical triangle pattern
• Current price needs to break $2.918 resistance to reach short-term target of $4.080
• WIF hit a 157-day high of $3.22 on November 11
• Technical indicators (Aroon Line and RSI) support continued bullish movement

The cryptocurrency Dogwifhat (WIF) has demonstrated remarkable market strength, posting a 27% daily gain and a 48.19% weekly increase. The token reached $3.22 on November 11, marking its highest price point in 157 days.

Trading data shows WIF forming a symmetrical triangle pattern, which typically precedes continued upward movement. The pattern suggests potential targets of $4.080 in the short term, with a secondary target of $4.860 if current momentum maintains.

dogwifhat
WIF Price

Technical analysis reveals a critical resistance level at $2.918, which the token needs to overcome and potentially convert to support. The price action has already broken through the $2.95-$3.00 range, which served as both a horizontal resistance area and the 0.5 Fibonacci retracement level.

The Aroon Line indicator currently displays strong bullish signals. The Aroon Up line stands at 100.00%, while the Aroon Down registers at 50.00%, suggesting sustained upward momentum in the market. This technical formation often precedes continued price appreciation.

Supporting these bullish indicators, the Relative Strength Index (RSI) reads 66.27, positioning itself firmly in positive territory. The RSI’s upward trend adds weight to the bullish case for WIF’s near-term price action.

The upward movement has been ongoing since August 5, following an ascending support trend line. The recent price action saw WIF bounce at the $2 horizontal support area, which accelerated the current rally.

Trading volume has shown notable increases during the upward moves, providing validation for the price action. This volume confirmation suggests genuine market participation rather than artificial price movement.

The Moving Average Convergence/Divergence (MACD) indicator remains above zero and continues trending upward, adding another layer of technical confirmation to the bullish outlook.

Market analysts have noted various technical patterns supporting the upward trajectory. Some point to an inverse head and shoulders pattern that has formed with substantial volume, while others highlight the completion of specific wave counts suggesting continued momentum.

The token’s price action has invalidated a previous double-top pattern, whose neckline stood at $1.88. This invalidation removes what could have been a bearish technical formation from the equation.

Looking at broader market context, WIF’s movement aligns with increased activity in the Solana meme coin ecosystem. Data from CoinGecko indicates the total market capitalization of Solana meme coins has reached $15.7 billion.

The price movement since August shows a clear trend of higher lows, with the token having risen 187% from its August 5 low. This consistent pattern of higher lows suggests steady accumulation and growing market confidence.

Short-term price targets focus on the $3.50 to $3.70 range, which aligns with historical resistance levels and technical projections based on the current wave structure.

For the upward movement to continue, WIF needs to maintain support above the $2.95-$3.00 range it recently broke through. This area now serves as a crucial support level for any further advances.

The most recent price data shows WIF trading at the Ultimate Resistance level according to the Murrey Math Lines tool, suggesting the $4.08 level as the next logical target. This price point also coincides with the 78.2% Fibonacci retracement level.

The post Dogwifhat (WIF) Surges Past $3 Mark as Technical Patterns Signal More Upside Coming appeared first on Blockonomi.