Dogwifhat (WIF) Rebounds 18.80% in 7 Days, Eyes Key Fibonacci Levels

Dogwifhat (WIF) has shown early signs of a bullish recovery after months of downward pressure. The token has rebounded from its previous lows, supported by a rounded bottom pattern and increasing buying activity. With momentum indicators turning favorable, traders are now watching key Fibonacci levels for possible resistance.

Veteran financial trader Matthew Dixon noted that WIF retraced from its $4.50 high to a recent low near $0.17. The recovery since then has been gradual, with a strong bounce from the $0.30 range, forming a rounded bottom. Price action now hovers around $1.00, aligning with the 38.2% Fibonacci retracement zone. Dixon explained that this zone often serves as a key reaction level during corrective moves. He also observed a bullish RSI structure, with the indicator now at 62 and climbing. This signals rising momentum, though WIF is not yet in overbought territory.

Traders are now eyeing critical resistance zones, starting with the $1.27 level, which matches the 23.6% Fibonacci retracement. Dixon described this as the first soft resistance, while $1.70, the 38.2% Fib level, marks the next major test. Stronger resistance appears at $2.30, with a possible high-range target between $2.95 and $3.75 if upward momentum continues. However, he cautioned that price needs to break and hold above $1.27 to confirm a mid-term trend reversal.

Dixon emphasized the RSI’s positive structure, which has shown a series of higher lows since May. This development reflects a potential shift in sentiment, as accumulation around the $0.17–$0.30 range has slowly built support. The recent flip of the $1.00 zone into a support level reinforces this trend, adding technical strength to the ongoing price movement. If support at $1.00 holds, the next leg higher may test the previously mentioned resistance levels.

Another market watcher, HighSpeed, highlighted a possible breakout forming on WIF’s daily chart. The token appears to be consolidating within what resembles a handle of a larger bullish formation. A strong move above resistance could trigger renewed bullish pressure. WIF currently trades at $1.00, showing a 7-day gain of 18.80% despite a small 24-hour dip. While price remains below earlier highs, current patterns suggest potential for continued upside if bulls maintain control.