- WIF has a bullish long-term outlook, but investors will need to wait a while longer
- The short-term range formation, and Bitcoin leading the market, meant WIF bulls must wait their turn
dogwifhat [WIF] was trading within another range after challenging a resistance from earlier in the year. Its technical indicators were not strongly bullish, but buyers retained the upper hand.
dogwifhat has reversed its downtrend since December. The memecoin saw a breakout after forming a range near the $0.4 lows (purple).
This rally was halted at the next resistance at $1.18, which was the lower high of the downtrend in early 2025.
Source: WIF/USDT on TradingView
The OBV showed that the buying pressure has fallen, but the sellers have not yet taken over. In recent weeks, the OBV has flattened instead of falling into a downtrend. The Awesome Oscillator remained above the zero level to show that bullish momentum was predominant.
The short-term range formation underneath the $1.18 resistance was an underwhelming show from WIF.
For context, the altcoin market has struggled to push higher since the 10th of May. Hence, this slowdown from dogwifhat was a situation witnessed across the altcoin market.
It was not a specific show of weakness from the meme coin itself. Bitcoin [BTC] was leading the moves now.
Investors could wait for BTC to rally and consolidate before expecting WIF to experience a swift rally.
Short-term WIF momentum hampered by recent rejection
Source: WIF/USDT on TradingView
The 4-hour chart highlighted the short-term range. It reached from $1.2 to $0.93, with its mid-range level at $1.07. This mid-range region was recently tested as support and saw a price bounce.
The OBV has dipped over the past week alongside the rejection at $1.35. It underlined the need for bulls to reclaim control before we can expect a rally.
The Open Interest (OI) fell from $350.6 million on the 23rd of May, to $256 million at press time. The Funding Rate briefly dipped into negative territory but has picked up once again.
The drop in OI showed speculative traders preferred to remain on the sidelines and have exited their positions.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
