Market Overview for Dogwifhat/Tether (WIFUSDT)

Summary
• Price tested key resistance near 0.389 before consolidating around 0.385–0.387.
• Strong volume observed during 20:45–21:30 ET, confirming bullish momentum.
• RSI suggested overbought levels near 0.389, followed by pullback into oversold territory.
• Bollinger Bands showed moderate volatility expansion mid-day.
• Fibonacci retracement levels aligned with consolidation, suggesting a potential bounce from 0.384.

The dogwifhat/Tether (WIFUSDT) pair opened at 0.377, reached a high of 0.389, hit a low of 0.373, and closed at 0.385 by 12:00 ET. Total volume was 5,545,387.23, while notional turnover hit 2,110,836.74 USDT over 24 hours.

Structure & Formations

Price formed a bullish engulfing pattern from 20:45 to 21:00 ET near 0.385–0.389, followed by a doji at 03:00 ET, indicating indecision. A double-bottom structure emerged at 0.384, with Fibonacci support aligning at 0.383 (61.8%) and 0.386 (38.2%). Resistance remains critical at 0.389, with a potential breakout in play.

Moving Averages and Momentum

On the 5-minute chart, the 20SMA and 50SMA crossed near 0.385, suggesting potential momentum to the upside. The MACD histogram turned positive after 20:30 ET, confirming a short-term bullish bias. RSI briefly hit overbought territory near 0.389 but pulled back into neutral levels by 04:00 ET.

Volatility and Volume Dynamics

Volatility expanded as Bollinger Bands widened mid-day (20:45–21:30 ET) with high volume. Volume spiked at 20:45 ET to 646,914.5 USDT, coinciding with a break above 0.386. This was followed by a consolidation phase where volume normalized, but turnover remained elevated, suggesting active trading interest.

Fibonacci and Key Levels

Fibonacci retracements from the 0.373 low to the 0.389 high showed 0.384 (61.8%) as a key support level. Price appears to have bounced from this level, with a potential test of 0.389 expected if buyers re-enter the market.

The market appears poised for a breakout or consolidation phase depending on the next 24 hours’ liquidity and order flow. A test of 0.390 could signal further bullish momentum, but a retest of 0.383 remains a critical watchpoint. Investors should be cautious of volume divergence if price rises without confirmation.