Dogwifhat Recoils from Golden Pocket Rejection—Next Critical Support Level in the Crosshairs

Dogwifhat's rally hits a wall as golden pocket resistance holds firm—traders now eyeing make-or-break support.

After a bullish sprint, the meme coin faces its first real test. The golden pocket Fibonacci level spat out buyers like stale bubblegum, forcing a retreat to lower ground.

All attention now shifts to the next key support zone. Will it bounce like a speculative fever dream or crash like a VC's portfolio in 2022?

Technical traders are glued to charts while degens YOLO into leveraged positions—because nothing says 'sound investment strategy' like gambling on dog-themed crypto during macro uncertainty.

Key technical points

• Rejection at 0.618 Fibonacci: Golden pocket, VWAP, POC, and value area high all aligned.
• Macro Downtrend Still Intact: Price continues to post lower highs and lower lows.
• Key Support at $0.30: Double bottom formation possible if price revisits this level.

The recent rejection on Dogwifhat was anything but random. Price rallied directly into the golden pocket—the 0.618 Fibonacci retracement level, where it also collided with multiple confluences: the VWAP resistance, the point of control, the value area high, and the range high of the broader consolidation zone. This convergence created a textbook technical resistance, which promptly rejected the move and sent price lower.

This breakdown has pushed Dogwifhat back into the range mid, confirming that the breakout lacked the volume and follow-through needed for continuation. The drop in volume reinforces the idea that the market is still consolidating rather than trending, with price stuck in a broader accumulation zone.

From a technical perspective, price action remains corrective and could stay this way until it tests the range low NEAR $0.30. This is the level to watch for a potential double-bottom formation, a bullish reversal pattern that occurs when price retests a previous low and holds. If buyers defend this level and price forms a higher low on the retest, it could set the stage for a rally back toward $1.20 and beyond.

Until that formation occurs, the market remains in limbo. The lower highs suggest sellers remain in control, and bulls will need to reclaim range levels with strength and volume to shift the narrative.

What to expect in the coming price action

Dogwifhat is likely to remain trapped within the broader range unless volume steps in decisively. Watch for a revisit of the $0.30 level, where a double bottom may initiate the next bullish wave. Failure to defend this support WOULD invalidate the setup and extend the downtrend.