- WIF holds 200%+ gains as traders monitor breakout targets between $1.10 and $1.70.
- Bullish signals include an inverse H&S pattern and a breakout above the 20-day moving average.
- Volume tops $1B daily, but a drop below $0.95 could cancel the current bullish momentum.
Dogwifhat (WIF) has emerged as the top-performing memecoin this month, with gains exceeding 200%. After peaking at over 270%, the token remains above 200% growth, driven by technical breakouts and renewed market interest. Traders are closely watching resistance levels near $1.10 to $1.70.
Recent Price Action and Technical Signals
According to analysis prepared by GemXbt via X, WIF recently broke above its 20-day moving average with rising volume, signaling a bullish reversal. The coin reached a monthly high of $1.32 on May 12, marking its strongest level since February.
However, WIF has since pulled back slightly, trading near $0.97, and faces immediate support around $0.95 to $1.00. Market analysts point to a classic bullish structure in WIF’s price action.
Rose Premium noted on X that holding above $1 could lead the token to targets at $1.15, $1.26, and possibly $1.37.An inverse head and shoulders pattern confirmed by the May 12 breakout above a falling channel, with a key resistance near the 200-day EMA at $1.19.
Market Momentum and Future Outlook
Solberg Invest confirmed WIF’s bounce, noting it hit the first target and is now eyeing resistance between $1.10 and $1.70. Despite some short-term selling pressure, technical indicators like RSI and MACD show mixed signals, reflecting cautious momentum.
The MACD recently crossed bullishly, but the RSI is trending downward without reaching oversold levels. WIF has seen strong trading volume, surpassing $1 billion in 24-hour spot trading, ranking it among the top memecoins by volume.
WIF could see a price surge exceeding 360% over the year if current trends persist. However, a break below $0.95 might invalidate the current bullish case.
