Is WIF Ready to Rip? Chart Pattern Says Yes

TL;DR

• WIF charts show a clear pattern shaping near $1.40, often seen before a breakout.
• Weekly structure holds firm, but $1.26 must flip to open room toward the $3.80 zone.
• Trading activity is rising, yet positioning remains even, showing uncertainty across the board.

WIF Charts Show Familiar Breakout Structure

Dogwifhat (WIF) is forming a cup and handle pattern on the 12-hour chart. This setup appears with the neckline around $1.39 to $1.40. According to analyst Ali Martinez, the formation is developing in a way that often leads to a price push if buyers step in above resistance.

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Meanwhile, the rounded base formed between February and May. A smaller dip followed, creating the handle. The price then stabilized near $0.81, close to the 0.618 Fibonacci retracement. WIF trades at $1.13, up 5.8% on the last 24 hours.  

For the pattern to stay valid, it must hold above $0.95. A move above $1.40 on substantial volume would mark the breakout, with potential targets between $2.04 and $2.49. A further push could extend toward $3.22 based on Fibonacci extensions.

Weekly Structure Holds, But Resistance Remains

On the weekly chart, WIF created a higher low, touching the ascending trendline. Analyst Jireon noted that the trend is still intact, but resistance at $1.26 remains a challenge.

Notably, that price zone has held firm over several months. A close above $1.26 would suggest a shift toward the $3.80 zone, which has been a key level in past rallies. Until then, the trendline remains the line traders are watching.

The RSI is at 51.20. This suggests momentum is balanced. The market may still lean either way depending on how the price behaves at this level.

Trading Volume Rises While Sentiment Stays Split

Data from Coinglass shows daily volume has reached $1.75 billion, up by 59%. Open interest stands at $560 million, an 8% rise over the same period. This reflects higher participation, though not yet a one-sided trend.

The long/short ratio is at 0.9912. Long positions account for 49.78%, while short positions make up 50.22%. For most of July, the ratio has stayed close to neutral. 

Finally, traders appear cautious after the recent rejection at key resistance. The price action around $1.26 and $1.40 will likely determine what comes next.