Dogwifhat Price Drops 30% After Rejection at Key Resistance

Dogwifhat (WIF) has been experiencing a macro downtrend, with the price currently undergoing a corrective move following a significant rejection at the golden pocket. The price is now trading back within the broader range, with lower support levels coming into focus.

Over the past week, Dogwifhat has consistently printed a series of lower highs and lower lows, indicating both local and macro weakness. The most recent breakout attempt failed as the price sharply rejected from a significant resistance cluster. This rejection has led to a return to the range mid, where the price is currently consolidating. With volume dropping and momentum fading, a double-bottom formation may be the structure to watch for at the range low.

The recent rejection on Dogwifhat was not random. The 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 the 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 the price stuck in a broader accumulation zone.

From a technical perspective, the 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 the price retests a previous low and holds. If buyers defend this level and the 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. 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.