Dogwifhat (WIF) is nearing a critical breakout point as it bounces back from a long downtrend. Using both technical indicators and market analysis, we can see signs of a potential upward price movement.

As of this writing, WIF is priced at $1.88. Over the last 24 hours, it has gained 10.59% and has a total market capitalization of $1.87 billion. Plus, the 24-hour trading volume also jumped by 33.74% to $409.5 million.

The WIF price dropped to a significant low of $1 on August 5, after a period of decline. But then, it recovered, pushing the price up by 78%. Over the past 50 days, WIF has formed a symmetrical triangle pattern, moving sideways and consolidating after testing key support levels.

It is now testing a major descending resistance level, which hints at a possible breakout. Technical analysis suggests that a break above this resistance could mean a shift into a new bullish phase for the cryptocurrency.

Source: Tradingview

On the daily time frame, WIF has tested the bulls and seems ready to head up. The moving average indicator is rising, with the 50 Day Moving Average line sitting below the current price, which may act as support.

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Meanwhile, the 200-day moving average is above the price, and this could be resistance. The Relative Strength Index levels have hovered around 61, which means that WIF is neither oversold nor overbought.

Past Performance and Potential Breakout

Earlier this year, WIF had a dramatic price surge, rising from $0.20 in February to $4.88 by late March, a nearly 4,000% increase. After peaking, the cryptocurrency’s price fell sharply, forming a descending pattern. By June 24, WIF reached a low of $1.50, finishing an 85-day corrective phase. It later rebounded to almost $3 before another corrective decline. A new low of $1 was reached on August 5, after which the price started recovering.

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The recent 50-day consolidation period and symmetrical triangle formation have brought the WIF price to a crucial point. Market experts say that a breakout above its descending resistance line would be a strong sign of a potential bullish phase. If the price stays above its August 5 low, WIF could see more gains. However, if it cannot hold this support, it could drop towards the $0.80 range.

WIF is still trading just below its long-term resistance line, with market analysts closely watching upcoming price action. Any confirmed breakout above this level could reignite interest and drive further upward movement.