Dogwifhat (WIF) Retests Key Trendline as Bullish Structure Holds After 3.99% Dip

Dogwifhat (WIF) has demonstrated a resilient bullish structure despite a 3.99% price decline in the past 24 hours. The token recently retested a critical descending trendline near $1.20, confirming its role as dynamic support after breaking out of a wedge formation in late June. This retest, coupled with the asset’s movement into an ascending channel in July, underscores a continuation of bullish momentum despite recent volatility [1]. Current trading data shows WIF at $1.04, with intraday price swings failing to surpass $1.07, reflecting mixed market sentiment.

The price trajectory of WIF has followed a distinct pattern since early 2025. A prolonged consolidation phase from January to late April established a stable range before a breakout in early May triggered a sharp upward move. This was followed by a descending wedge formation in June, characterized by converging trendlines that ultimately yielded to upward pressure. The subsequent retest of the $1.20 level in mid-July validated the trendline’s strength, aligning with classic reversal patterns where former resistance transitions to support [1].

Technical indicators suggest the asset remains in a favorable position for further gains. A projected price movement arrow on the chart points toward a target range of $2.00–$2.20, contingent on sustained bullish momentum [1]. However, recent 24-hour trading volume has declined by 29.15% to $542.62 million, while market capitalization stands at $1.04 billion—a 3.98% drop from prior periods. The volume-to-market-cap ratio of 51.99% highlights active trading activity but also reveals ongoing price fluctuations. Intraday volatility has persisted, with sell pressure dominating recent candlestick formations and brief rebounds failing to sustain above key resistance levels [1].

Market behavior over the past 24 hours reflects a tug-of-war between buyers and sellers. After a morning dip below $1.00, WIF rebounded to $1.04 by noon, though follow-through buying has been limited. The asset’s inability to reclaim $1.07, its previous intraday high, signals cautious optimism among traders. Analysts and market participants are closely monitoring whether WIF can reestablish control above $1.10, a threshold that could trigger renewed momentum [1].

The asset’s chart pattern, including the wedge breakout and retesting of key trendlines, aligns with broader technical analysis principles. The ascending channel in July suggests a potential continuation pattern, where higher highs and higher lows reinforce bullish bias. However, the recent 3.99% dip underscores the fragility of the current structure, particularly in the absence of a strong volume surge to confirm price action [1].

Source: [1] [Dogwifhat (WIF) Retests Key Trendline as Bullish Structure Holds Momentum Despite 3.99% Dip] [https://cryptonewsland.com/dogwifhat-wif-retests-key-trendline-as-bull/]