WIF Bulls Dig In at $0.7 – Is a Breakout to $1+ Imminent?

Dogwifhat (WIF) holders are mounting a fierce defense at the $0.70 support level – but can this meme coin's cavalry charge toward dollar territory?

The $1 psychological barrier looms large. Technical traders are watching for a decisive close above $0.85 as confirmation of bullish momentum. Meanwhile, skeptics whisper about 'greater fool theory' between sips of their $8 artisanal coffees.

Market depth shows stacked buy orders at $0.68-$0.72, creating what analysts call a 'meme moat.' Yet volatility remains king – the 24-hour trading range has swung between $0.69 and $0.81, typical of altcoins chasing their 2021 glory days.

If WIF clears $0.90, the path to $1 opens up. Fail here, and it's back to the doghouse. Either way, someone's getting rekt – such is crypto's brutal poetry.

WIF bulls might struggle to breach the $1 resistance

Source: WIF/USDT on TradingView

After breaking the range formation in early May, the memecoin has retraced its breakout to retest the fair value gap left behind on the weekly chart.

It should be noted that the retracement of the past month saw reduced weekly trading volume.

The FVG (cyan box) represented a demand zone, and WIF was reacting bullishly. A move beyond $1.39 WOULD represent a bullish market structure on the weekly chart.

However, there was a big obstacle to dogwifhat closer at hand.

Source: WIF/USDT on TradingView

The 1-day chart showed a bearish structure. A MOVE beyond $1.07, the high from the 10th of June, would shift the market structure bullishly. However, the momentum was not yet in favor of the WIF bulls.

The RSI straddled the fence with a reading of 50, showing neither bullish nor bearish dominance.

The CMF was at -0.03, unable to clear the +0.05 threshold that would signal sizeable capital inflows and high demand. The Supertrend indicator gave a sell signal.

While traders need not sell right away, and could even bet on long positions, it must be noted that the diminished demand and the bearish daily structure indicated further losses were possible.

Hence, long positions should have tight stop-losses below the $0.7 level.

A move beyond the psychological round number resistance at $1 would give traders a good reason to expect a continued move toward $1.2 and potentially higher, if Bitcoin makes sustained gains and drives the market higher.

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