Dogwifhat (WIF) has recently emerged from a significant technical pattern, indicating what experts believe could mark the start of a more substantial upward trajectory. The token has successfully exited a descending wedge that had constrained its price movement since early May. This movement, along with a revival in trading volume and improved technical momentum, positions WIF among meme coins that are once again attracting investor interest. As of July 7, the token’s price is approximately $0.884, with analysts anticipating potential increases in the near future.
### Breakout Confirmed as Volume Increases
Analyst Alice Crypto (@Allice_Crypto) notes that WIF’s departure from a prolonged descending wedge is paving the way for a possible price surge. The breakout occurred within the $0.82–$0.84 range, a critical support zone that had been established over several weeks. This area has since transformed into a support base, reinforcing the emerging bullish trend. The frequent bounces around this price level have contributed to a robust foundation for the breakout. Volume has shown a consistent upward trend since the breakout, affirming the authenticity of this shift in trend. The daily chart reveals candles with higher lows, closing above the previous downtrend line, which signals ongoing momentum. Alice forecasts the next major resistance level at $1.26, with extended targets potentially reaching $2.10. These projections are based on Fibonacci extensions and the measured height of the wedge, both of which are standard tools in technical analysis.
### Price and Volume Alignment Favors Continued Growth
In the last 24 hours, Dogwifhat has experienced a 4.64% increase, closing at $0.884. The price rose steadily from a low of $0.83 to a high of $0.89 before consolidating. The trading pattern during this period indicates a “controlled ascent,” with no significant pullbacks disrupting the upward trend. A series of higher intraday lows points to sustained demand, especially during the afternoon trading session when the most significant price increases were noted. Volume during this timeframe reached $381.32 million, highlighting robust participation, particularly during the midday surge. This increase in volume coincides with the breakout, suggesting that buyers are actively entering the market in anticipation of future gains. The market capitalization has grown to $882.3 million, with a circulating supply of approximately 998.9 million WIF. A breakthrough above $0.90 is crucial, as it could serve as a springboard toward higher price targets, including $1.26 and potentially $2.10, contingent upon the alignment of volume and market sentiment.
### Technical Indicators Reflect Strengthening Momentum
Current technical indicators continue to bolster the bullish outlook. The daily close at $0.884 is situated above the midline of the Bollinger Bands, which is currently around $0.820. The widening of these bands suggests a potential increase in volatility, which often precedes a more persistent directional move. Immediate resistance is observed at the upper band near $0.946, while support remains at the lower band around $0.694. The MACD (Moving Average Convergence Divergence) indicator has displayed a bullish crossover, with the MACD line surpassing the signal line. Histogram bars have turned green and are gradually increasing, signifying a strengthening momentum. This crossover follows a period of diminishing bearish pressure and indicates that the prior downtrend may be reversing. Traders are closely monitoring whether daily closes can maintain above $0.85, with volume and MACD trends providing insights into whether WIF is set to retest and possibly exceed the psychological barrier of $1.00.
