Dogwifhat (WIF) Faces Critical Test: Can It Break Through the $1.18 Resistance Wall?

Memecoin mania meets technical reality as WIF bulls stare down a make-or-break price barrier.

The $1.18 level looms large—a psychological and technical hurdle that’s crushed rallies before. Will this time be different? Traders are split between diamond-handed believers and skeptics eyeing exit strategies.

Meanwhile, institutional players yawn—because nothing says ’serious financial instrument’ like a token named after a dog in a hat.

Source: WIF/USDT on TradingView

The OBV showed that the buying pressure has fallen, but the sellers have not yet taken over. In recent weeks, the OBV has flattened instead of falling into a downtrend. The Awesome Oscillator remained above the zero level to show that bullish momentum was predominant.

The short-term range formation underneath the $1.18 resistance was an underwhelming show from WIF.

For context, the altcoin market has struggled to push higher since the 10th of May. Hence, this slowdown from dogwifhat was a situation witnessed across the altcoin market.

It was not a specific show of weakness from the meme coin itself. Bitcoin [BTC] was leading the moves now.

Investors could wait for BTC to rally and consolidate before expecting WIF to experience a swift rally.

Short-term WIF momentum hampered by recent rejection

Source: WIF/USDT on TradingView

The 4-hour chart highlighted the short-term range. It reached from $1.2 to $0.93, with its mid-range level at $1.07. This mid-range region was recently tested as support and saw a price bounce.

The OBV has dipped over the past week alongside the rejection at $1.35. It underlined the need for bulls to reclaim control before we can expect a rally.

Source: Coinalyze

The Open Interest (OI) fell from $350.6 million on the 23rd of May, to $256 million at press time. The Funding Rate briefly dipped into negative territory but has picked up once again.

The drop in OI showed speculative traders preferred to remain on the sidelines and have exited their positions.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion