Dogwifhat (WIF), a popular Solana-based memecoin, is making waves with its stellar performance, eyeing the $1.50 mark following a 50% weekly surge. Market analysts are optimistic, pointing out that the token is poised for new highs if it manages to maintain above a critical threshold.
In the last four weeks, Dogwifhat has witnessed a remarkable 190% jump, once again breaching the $1.00 barrier. This comes after a significant downturn since it peaked at $4.19 in November 2024, resulting in a whopping 92% retracement over five months.
The memecoin sector experienced a slump following the contentious launch of the TRUMP and LIBRA coins, leading to market fatigue. Consequently, WIF fell below the $1.00 mark for the first time in 12 months. Last month, amid market pullbacks, Dogwifhat touched a 14-month low of $0.32, only to bounce back to the $0.60 line with the upturn in the crypto market.
Over the past week, Dogwifhat has been oscillating between $1.00 and $1.20, having reached a three-month high of $1.32 just four days ago. Notably, it retested the recently breached $1.00 resistance level, showing resilience against a dip to $0.95.
Market analyst Rose Premium offered a bullish perspective for the meme token, highlighting its robust structure following recent performance. She pointed out Dogwifhat’s “classic bullish structure” post-rebound from the Fibonacci Zone between $0.95 and $0.98.
Consequently, if WIF manages to hold the $1.00 support level, it could potentially see an upward trend towards the initial target of $1.15, subsequently reclaiming $1.26 and eventually reaching $1.37.
Crypto trader Coinvo, on the other hand, suggested that the “classic break and re-test pattern” was a sure-fire precursor to a parabolic rally for WIF. Similarly, Carl Runefelt from The Moon Show predicted that Dogwifhat could continue its rally to new heights.
In line with these predictions, WIF is currently forming a symmetrical triangle pattern, having broken out of the upper boundary after surpassing the $1.05 mark. The cryptocurrency is now targeting $1.50, a key horizontal level which has previously served as a crucial bounce area and could potentially drive Dogwifhat to higher targets.
Meanwhile, The Cryptonomist identified a falling wedge pattern in WIF’s lower timeframe chart. The memecoin broke out of this 3-day pattern today after rebounding past the $1.03 mark. Provided WIF maintains its current levels, the analyst suggests a potential target of $1.49 if the entire market decides to “go for another leg up from here.”
At the time of writing, Dogwifhat is trading at $1.14, reflecting a 1.8% increase in the daily timeframe.
