• Dogwifhat price trades 20% higher on Wednesday after retesting its key psychological level of $1 the previous day.
  • WIF’s RSI emerged from its oversold condition, signaling a potential shift in momentum as selling pressure eases.
  • A daily candlestick close below $1 would invalidate the bullish thesis.

Dogwifhat (WIF) price trades 20% higher, above $1.26 on Wednesday after it retests its psychologically importance level of $1 the previous day. WIF’s Relative Strength Index (RSI) momentum indicators bounce off from its oversold conditions, signaling a potential shift in momentum as selling pressure eases, allowing for a possible recovery.

Dogwifhat price finds support around the $1 level

Dogwifhat price closed below the weekly resistance of $1.44 on January 20 and declined 24.15% until Monday. However, it rebound after retesting its key psychologically important level of $1 on Tuesday. At the time of writing on Wednesday, it trades higher by nearly 20%, around $1.26.

If the $1 support level holds and WIF closes above $1.44, the weekly resistance. It would extend the recovery to retest its next daily resistance at $1.83.

The daily chart’s Relative Strength Index (RSI) has bounced from oversold conditions. It now reads 37, signaling a potential shift in momentum as selling pressure eases, allowing for a possible recovery. Moreover, the Moving Average Convergence Divergence (MACD) indicator is also converging. If the MACD flips to a bullish crossover on a daily basis, it would give a buy signal and suggest an upward ahead.

WIF/USDT daily chart

WIF/USDT daily chart

Another bullish outlook is that Dogwifhat announced on its X account Wednesday that it will promote WIF on the Vegas Sphere. This announcement indicates a committed user base that believes in the project’s future potential and shows strong community support for WIF.

However, if the WIF daily candlestick closes below its psychologically important level of $1, the bullish thesis would be invalidated, leading to a further price decline to test the $0.9 level.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 gainers Supra, Cosmos Hub, EOS: Supra leads recovery after Trump’s tariffs announcement

Top 3 gainers Supra, Cosmos Hub, EOS: Supra leads recovery after Trump’s tariffs announcement

Supra’s 25% surge on Friday calls attention to lesser-known cryptocurrencies as Bitcoin, Ethereum and XRP struggle. Cosmos Hub remains range-bound while bulls focus on a potential inverse head-and-shoulders pattern breakout.

More Cryptocurrencies News
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin price remains under selling pressure around $82,000 on Friday after failing to close above key resistance earlier this week. Donald Trump’s tariff announcement on Wednesday swept $200 billion from total crypto market capitalization and triggered a wave of liquidations.

More Bitcoin News
Can Maker break $1,450 hurdle as whales launch buying spree?

Can Maker break $1,450 hurdle as whales launch buying spree?

Maker is back above $1,300 on Friday after extending its lower leg to $1,231 the previous day. MKR’s rebound has erased the drawdown that followed United States President Donald Trump’s ‘Liberaton Day’ tariffs on Wednesday, which targeted 100 countries.

More Maker News
Gold shines in Q1 while Bitcoin stumbles

Gold shines in Q1 while Bitcoin stumbles

Gold gains nearly 20%, reaching a peak of $3,167, while Bitcoin nosedives nearly 12%, reaching a low of $76,606, in Q1 2025. In Q1, the World Gold ETF's net inflows totalled 155 tonnes, while the Bitcoin spot ETF showed a net inflow of near $1 billion.

More Bitcoin News
Bitcoin: BTC remains calm before a storm

Bitcoin: BTC remains calm before a storm

Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP