- dogwifhat bears were the dominant force in the memecoin’s market
- Mid-range support level indicated that a sizeable rally may be feasible in the coming weeks
dogwifhat [WIF] has been under severe pressure from sellers in 2025. Since the high of $2.22 made on 03 January, the memecoin has shed 74% of its value. In fact, at the time of writing, it seemed to be consolidating within a two-month range formation.
Source: Glassnode
The price of the memecoin was well below its realized price, as shown in the chart above. WIF had surpassed the realized price back in November and December, but was quick to slump below it in January. Here, the realized price is the value of all the coins at the price they were last transacted on-chain.
The price being so deep below the realized price is a sign that holders may be under intense bearish duress and might be facing high losses.
The MVRV ratio also highlighted this point. The metric was at 0.48 at press time. Generally, values below 1 indicate bearish market sentiment. As the chart highlighted, the MVRV reached its lowest ever value of 0.22 on 08 April.
In the long term, WIF bears are likely to remain a dominant force. Nevertheless, swing traders could profit from this bullish setup.
Mid-range retest as support means WIF could rally 33%
Source: WIF/USDT on TradingView
Technical analysis revealed that the chances of a rally may be rather good. There were three pieces of evidence that supported the idea of a 33% rally from the press time market price of $0.574.
The first was the range formation (white). The mid-range support level at $0.54 was tested a couple of days ago, and WIF has been beginning to bounce higher. Usually, such a defense of the mid-range level would be followed by a rally to the range high.
The second clue was the OBV’s trend over the past two weeks. The OBV managed to climb past the highs set in April, reflecting strong buying pressure over the past ten days. This increased the likelihood of a rally.
The third clue was Bitcoin’s [BTC] bullish short-term momentum. While it was not as compelling as the previous two arguments, BTC is usually the rising tide that lifts all boats. One of these boats could be dogwifhat.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
