Dogwifhat (WIF) has shown a significant breakout closing above the $3.00 level. Analysts are Keenly observing this breakout that might be the beginning of a new bullish run
Strong Breakout Pushes WIF Above Key Resistance
WIF recently crossed the upper Bollinger Band of approximately $2.88 which is widely considered a bullish signal. Price action outside Bollinger Bands may suggest the overbought conditions, but in this case, it shows an aggressive breakout.
Moreover, market experts are looking for a daily close above $3.00. If it holds this would be a signal for the upward move. As well as the possibility of higher prices in the coming days.
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This breakout came as the Bollinger Band increased from a narrow range because of low volatility. This expansion of these bands, particularly during the bull run, is an indication of increased volatility and possibly the beginning of a new cycle.
If this continues, then the resistance zones will be replaced by support levels at prior resistance levels.
Key Support and Resistance Levels to Watch
Following the breakthrough of $3.00, new resistance levels have been formed at $3.57 and $4.58, which are important according to the latest price action.
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The technical analysts have pointed out that the initial level of resistance is at $3.57, while the $4.58 is significant for a measured move objective. However, in case the Dogwifhat rises above $3.57, it will provide some kind of support in a pullback in case buyers are checking the strength at a higher price level.
The middle Bollinger Band, which is around the $2.40 level, is now serving as support. It acts as support in the bullish trend, and its ability to stay high may give support to the upward move’s strength.
If the price is below $2.40, then it can be suggested that a reversal has occurred or at least a temporary decline in the current trend is possible.
The Relative Strength Index (RSI) is currently at 65.89, nearing the overbought region. Although not yet in the overbought territory, an RSI greater than 70 implies strongly elevated buying activity and raises the prospects of a short-term reversal.
Analysts’ Views and Projections for Dogwifhat
Crypto analysts, including s0ulBr0ther on social media platform X, are observing the breakout closely. He emphasizes the importance of a daily close above $3.00 to solidify the bullish trend.
This analyst sees a measured move target at $4.4, which could serve as a key price objective if the breakout holds.
He believes a move beyond this level could push WIF toward its all-time high (ATH), supported by strong buying momentum and increased market interest.
According to other analysts, WIF’s breakout from a wedge pattern signals a potential for significant upward movement, with some predicting an eventual target of $10.
This view suggests that the current rally is just the beginning of a larger trend if momentum sustains.
This optimism is backed by a notable increase in trading volume, further supporting the breakout’s strength. Volume spikes often indicate strong conviction from buyers, enhancing the probability of a sustained move.
The next few daily closes will be critical in confirming whether this volume and momentum can maintain WIF’s upward trajectory.
