Dogwifhat at a Crossroads: Can WIF Bulls Power Through $1 Resistance?

Memecoin mania faces its moment of truth as dogwifhat (WIF) teeters near the $1 psychological threshold. Traders are split—will the meme magic hold or fade into crypto obscurity?

The $1 Battle Royale

WIF''s price action reads like a trader''s mood ring—volatile, emotional, and occasionally nonsensical. The $1 level isn''t just technical resistance; it''s become the meme community''s litmus test for relevance.

Bull Case: Memes Move Markets

True believers point to WIF''s past rallies as proof that internet culture can trump fundamentals. When crypto Twitter catches a meme wave, even hedge funds scramble to ride it.

Bear Trap Warning

Skeptics see another overhyped asset destined for the ''remember when'' pile. As one trader quipped: ''The only thing growing faster than WIF''s potential is my regret for not selling sooner.''

Whether WIF breaks $1 or breaks hearts, one thing''s certain—in crypto, the line between ''next Bitcoin'' and ''expensive joke'' remains dangerously thin.

Source: WIF/USDT on TradingView

The 1-week chart showed a bullish structure break in the first week of May, when the $0.76 level was breached. The breakout left a fair value gap (cyan) between the $0.7 and $0.8 area.

This weekly FVG was an important demand zone. Over the past three weeks, the memecoin faced resistance at $1.2-$1.3 and reverted to this demand zone.

The recent price action showed dogwifhat bears were forced to respect this FVG and couldn’t drive prices lower.

The OBV also signaled steady buying pressure behind WIF, but this picture changed on the lower timeframes.

A lack of near-term direction

Source: WIF/USDT on TradingView

On the 12-hour chart, dogwifhat’s momentum last week failed to hold up over the past couple of days. The Bitcoin [BTC] rejection at $110k saw a 2.4% pullback in the past 24 hours.

This price drop affected WIF and the broader cryptocurrency market.

dogwifhat had achieved a bullish structure break with its recent MOVE above the $0.987 level. This level was the previous high, marked from a 12-hour trading session close on the 3rd of June.

At the time of writing, the structure on the H12 chart was still bullish. However, the inability to stay above the $0.98-$1 supply zone was discouraging. Moreover, the OBV has been in a slow downtrend for three weeks.

This signaled steady selling pressure. The Fixed Range Volume Profile marked the psychological $1 level as the Value Area High (dotted blue). WIF bulls were unable to flip this level to support.

Combined with the descending OBV and lukewarm momentum recently, as per the OBV, it was likely that WIF WOULD drop toward $0.8 next.

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