Market Overview: Dogwifhat (WIFUSDT) – Rally Sees 18.2% Surge

• Strong 24-hour rally with 18.2% surge from $0.929 to $1.026, closing at $1.005 as of 12:00 ET.
• Key resistance confirmed at $1.012 and support at $0.976, with bullish engulfing patterns in late ET hours.
• Volume increased 100x into the final 6 hours, with notional turnover climbing to $36.1M, confirming momentum.
• RSI surged into overbought territory (75), suggesting short-term consolidation or pullback is likely.
• Bollinger Bands show tightening before breakout, followed by expansion as volatility increased.

Market Overview

Dogwifhat (WIFUSDT) opened at $0.929 on 2025-08-08 12:00 ET and surged to a 24-hour high of $1.026. The pair closed at $1.005 as of 12:00 ET with total volume of 50,310,982.27 and turnover of $36.1M. The market displayed strong upward momentum, supported by increasing volume and a sharp rise in price from the 19:00 to 13:00 ET window.

Structure & Formations

The 15-minute chart displayed multiple bullish engulfing patterns, particularly after 20:00 ET, as price moved from $0.97 to $1.01, breaking above key psychological resistance. A trend reversal bearish engulfing appeared at $1.012 around 13:00–13:15 ET, suggesting a potential short-term pause. Notable support levels emerged at $0.976 and $0.967, both with strong volume and retracement confirmations from Fibonacci levels (61.8% and 38.2%).

Moving Averages

The 20-EMA and 50-EMA on the 15-minute chart crossed above the price early on, forming a bullish crossover. By 09:00–10:00 ET, the 50-EMA pulled into a tight alignment with price, signaling strong momentum. The 50/100/200-day EMA trended upward, indicating that the broader bullish bias is intact despite intraday volatility.

MACD & RSI

The MACD histogram showed a strong positive divergence from 19:00 to 13:00 ET, confirming the bullish breakout. However, RSI peaked at 75, entering overbought territory, suggesting a probable short-term pullback to around $0.98–0.99. The RSI failed to confirm the late ET rally above $1.01, pointing to momentum exhaustion.

Bollinger Bands

Bollinger Bands showed a volatility contraction from 00:00–05:00 ET, followed by a sharp expansion between 05:00 and 13:00 ET. Price consistently traded above the upper band during the breakout, indicating strong conviction in the upward move. The bands are now widely spaced, suggesting high volatility may continue for the next 24 hours.

Volume & Turnover

Volume surged from $1.5M to $5M per 15 minutes during the last 6 hours, with peak turnover at $5.3M around 05:30 ET as price hit $1.01. Notional turnover reached $36.1M in 24 hours, up from $20M on average over the prior week. Price and volume moved in tandem, suggesting legitimate buying pressure rather than wash trading.

Fibonacci Retracements

The 24-hour move from $0.929 to $1.026 saw retracements at $0.976 (61.8%) and $0.989 (38.2%), which acted as strong support levels. A further test of $0.976 in the next 24 hours could determine whether the rally is sustained or corrective. The 15-minute retracement at $0.98–0.99 may also serve as intermediate support.

Looking ahead, Dogwifhat (WIFUSDT) appears to be in a strong short-term bullish phase, but the overbought RSI and bearish engulfing suggest a consolidation or pullback is likely. Investors should watch $0.976 for support and $1.01–1.02 for potential resistance in the next 24 hours. As always, monitor for volatility spikes or volume divergence, which may signal shifting sentiment.