Dogwifhat (WIF) at Crossroads: Bulls and Bears Clash Over $1.28 Breakout

Memecoin mania refuses to die—dogwifhat (WIF) traders are now locked in a tug-of-war as the token flirts with a potential breakout to $1.28. On-chain data shows liquidity pools tightening, with neither side backing down.

Key levels to watch: A sustained hold above $1.20 could trigger a cascade of leveraged longs, while rejection here might send degens scrambling for exits. Meanwhile, Bitcoin’s sideways action leaves altcoins to fight their own battles—classic ’number go up’ theater.

Will WIF mirror its Solana memecoin predecessors’ pumps, or is this just another ’narrative’ for bagholders? (Spoiler: Wall Street still won’t care.)

Source: Coinalyze

AMBCrypto observed the rising demand for the memecoin as buyers are increasingly active in the market.

Over the past day, dogwifhat buyers have scooped up 25.82 million. At the same time, sellers have offloaded 19.64 million tokens, leaving a positive delta of 6.18 million.

This suggests that buyers are currently dominating the spot market and have played a key role in the recent price rebound.

Source: Coinalyze

Most buyers are entering the market with long positions, indicating strong bullish sentiment.

According to Coinalyze data, longs currently dominate futures accounts, making up 68%, while shorts account for only 31%. This suggests that the majority of traders expect prices to rise even further.

Is dogwifhat strong enough for a rally?

Although spot volume is higher than selling volume and dogwifhat has made a strong upswing on its price charts, there’s a strong mismatch with activities on the exchange.

As such, across exchanges, WIF is experiencing strong sell pressure with more inflows than outflows. According to data from CoinGlass, the spot netflow has turned positive again, reaching $5.09 million over the last days.

Source: CoinGlass

Thus, although buyers are active, the amount entering exchanges is still high. This is further evidenced when we look at dogwifhat’s RSI.

At press time, the memecoin’s RSI was sitting below its MA at 63, while the MA was around 68. These suggest that bearish sentiments are strong in the market.

Source: TradingView

With RSI still reflecting bearish bias and sellers remaining active, WIF lacks the strength for a decisive uptrend. However, if speculators continue their recent buying spree and RSI flips bullish, further gains could follow.

For WIF to extend its rally, RSI needs to cross its moving average while buyers outpace sellers.

If these conditions are met, dogwifhat could surpass its 200 EMA NEAR $1.28. Conversely, if bulls fail to sustain momentum, a retracement toward $0.84 may be likely.