Dogwifhat (WIF) Displays Bullish Setup With Breakout Hinging on Resistance Zone

Key Takeaways

• WIF shows an impulsive structure on the 1-hour chart.
• WIF completed a 5-wave bullish cycle, reaching $4.78.
• The RSI bullish divergence hints at a macro reversal.
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The meme token Dogwifhat (WIF) has recently completed a prolonged corrective phase.

Now trading within a key support zone, a bullish RSI divergence and a potential breakout from the descending channel suggest a trend reversal.

WIF Price Analysis

The 4-hour chart shows that WIF completed a full 5-wave impulsive cycle up to $4.78 on Nov. 13, followed by a sharp decline.

The decline formed a W-X-Y-X-Z complex correction within a descending channel, bottoming recently at around $0.30.

The $0.17-$0.43 zone has acted as critical long-term support, marked by the increased Relative Strength Index (RSI), suggesting the potential exhaustion of bearish momentum.

A descending channel encapsulates the correction, and WIF attempts to break out from it.

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The most recent RSI low formed a bullish divergence (highlighted in orange), often a precursor to trend reversals.

If confirmed, this could signify the end of the Z-wave and the beginning of a new motive sequence.

WIF Price Prediction

Zooming into the 1-hour chart, the price action appears to be building a 5-wave impulsive move.

The subway count suggests the completion of waves (i) and (ii), with wave (iii) in progress.

Fibonacci extensions place the 1.272 at $0.379, likely ending wave (iii), followed by a minor wave (iv) pullback around $0.398 (1.618) and rally into wave (v) around $0.417.

The RSI on this lower timeframe supports continued upside but may face short-term overbought conditions soon.

A small pullback is expected after wave (iii), offering a possible reentry before the final leg of this sequence completes.

If this structure is confirmed, it increases the probability that WIF has initiated a higher-degree impulsive move, and this current wave could be the start of a broader rally. 

However, a break below $0.313 would invalidate the impulsive setup.

Combining both timeframes, WIF offers a compelling short-term bullish opportunity with early signs of macro reversal.

Confirmation above key resistance zones could attract momentum buyers and trigger further gains toward $0.85.

Key Levels to Watch

• Wave (iii) target: $0.379.
• Wave (v) extension: $0.417.
• Invalidation zone: Below $0.313.
• Support: $0.17–$0.43 (accumulation zone).
• Resistance: $0.85, $2.18 (prior support-turned-resistance).
• Breakout trigger: Above $0.45 (channel breakout confirmation).