Crypto analyst Spetsnaz_3 shared insights on X regarding the chart for Dogwifhat (WIF), signaling potential bullish momentum. In the tweet, the analyst highlighted a weekly breakout retest and a tapped order block, suggesting the asset might target its all-time high (ATH).
What you'll learn 👉
WIF Weekly Breakout Retest and Demand Zone Tap
WIF’s price action has demonstrated a breakout above a descending trendline that previously served as strong resistance during the downtrend. This shift in structure on the weekly timeframe indicates a move from bearish to bullish sentiment.
Notably, the price revisited the $2.8 region, identified as a weekly order block. This level represents a demand zone where buyers had previously shown interest.
By holding this zone, the price confirms it as a critical support area, setting the stage for a potential upward trajectory. Consolidation near $2.83 suggests the asset is preparing for its next major move. At press time, the memecoin trades at $2.98.
Key Support and Resistance Levels in Focus
The chart highlights several crucial levels that traders are monitoring. The $2.8 mark, which coincides with the order block and breakout retest, serves as the primary support. A failure to maintain this level could see the price revisiting $1.38, a historical support zone.
On the upside, WIF faces resistance between $3.7 and $3.9, where selling pressure may emerge. Beyond this range lies the ATH zone at $4.8 to $5.0, which remains the ultimate target. A break above the ATH could propel the asset into uncharted territory, entering price discovery.
Read also: This Solana (SOL) Price Pattern Maps Rally to $4000
Bullish and Bearish Scenarios
If WIF maintains the $2.8 support, analysts anticipate a rally toward $3.7, with a strong chance of testing the $5.0 ATH. However, a breach below $2.8 would invalidate the bullish outlook, potentially pushing the price lower toward $1.38.
Spetsnaz_3’s tweet emphasized the bullish retest of the breakout and the tapped order block, aligning with technical analysis for a continuation toward ATH.
The consolidation near support suggests that traders remain optimistic about further upside. Whether WIF reaches its ATH depends on how it navigates key levels in the coming weeks.
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