Dogwifhat Faces Continued Pressure as Price Consolidates
Dogwifhat (WIF) is still in a downtrend. It’s now correcting after a big rejection at the golden pocket. the price is back in the main trading range,focusing on lower support.
Over the past week, WIF has shown a series of lower highs and lows. This indicates ongoing weakness.The latest breakout attempt failed.The price hit a key resistance area and fell back.This area includes the 0.618 Fibonacci level, VWAP, and other critical levels. The drop in volume and weakening momentum suggest a return to the middle of the range. A double bottom could form if it hits $0.30.
Here are the main points:
- Rejection at the 0.618 Fibonacci level.
- Rejection at 0.618 Fibonacci: Golden pocket, VWAP, POC, and value area high all aligned.
- Macro Downtrend Still Intact: Price continues to post lower highs and lower lows.
- Key Support at $0.30: Double bottom formation possible if price revisits this level.
WIFUSDT (1D) Chart: Source, TradingView
The recent rejection on Dogwifhat was anything but random. Price rallied directly into the golden pocket—the 0.618 Fibonacci retracement level, where it also collided with multiple confluences: the VWAP resistance, the point of control, the value area high, and the range high of the broader consolidation zone. This convergence created a textbook technical resistance, which promptly rejected the move and sent price lower.
This breakdown has pushed Dogwifhat back into the range mid, confirming that the breakout lacked the volume and follow-through needed for continuation. The drop in volume reinforces the idea that the market is still consolidating rather than trending, with price stuck in a broader accumulation zone.
From a technical viewpoint, price action remains corrective and could stay this way until it tests the range low near $0.30. This is the level to watch for a potential double-bottom formation,a bullish reversal pattern that occurs when price retests a previous low and holds. If buyers defend this level and price forms a higher low on the retest, it could set the stage for a rally back toward $1.20 and beyond. Until that formation occurs, the market remains in limbo. The lower highs suggest sellers remain in control, and bulls will need to reclaim range levels with strength and volume to shift the narrative.
What to expect in the coming price action
Dogwifhat is likely to remain trapped within the broader range unless volume steps in decisively. Watch for a revisit of the $0.30 level, where a double bottom may initiate the next bullish wave. Failure to defend this support would invalidate the setup and extend the downtrend.
