TL;DR
- WIF challenges $1.02–$1.04 resistance, with analysts targeting $1.3 after bullish wedge breakout confirmation.
- Active addresses rebound from early August lows, aligning with recent price recovery toward the $1 level.
- Trading volume up 28% to $1.8B, open interest rises 13% as market participation increases.
Price Breakout From Broadening Wedge
Dogwifhat (WIF) was trading at $1.04 at press time after gaining 17% in the past 24 hours and 20% over the week. Trading volume in the last day reached $401.3 million.
CryptoBull_360 noted that WIF is “primed for a good breakout ” from a broadening wedge pattern on the 4-hour timeframe.
On the 1-hour chart, price broke above resistance at $1.02–$1.04 after rising from $0.9. The projected target from this breakout is $1.3, a 23% gain from current levels.
Resistance and Support Levels
CW observed that WIF is “breaking through the first sell wall.” The 4-hour chart shows price entering a red resistance zone between $1.04 and $1.08. Above this, further resistance is seen up to $1.25.
Support remains around $0.90–$0.93, where price previously bounced. Holding above the breakout zone may keep the bullish momentum intact.
Bollinger Bands on the daily chart show price above the middle band at $0.969, suggesting short-term strength, while the upper band near $1.112 is the next resistance. The Awesome Oscillator is slightly negative at -0.031, pointing to possible short-term consolidation.
Network Activity and Market Data
Glassnode data shows 4,745 active addresses on August 12. Active addresses peaked above 6,000 in late July before dropping below 2,500 in early August. Since then, they have rebounded, aligning with price recovery from $0.85–$0.90 to the $1 range.
CoinGlass reports a 28% rise in trading volume to $1.8 billion. Open interest increased 13% to $421 million. The growth in both metrics suggests rising market participation as WIF approaches key resistance.
