Dogwifhat Price Surges Toward $2 Amid Bullish Breakout and $800M Volume Spike

Dogwifhat (WIF) has drawn significant attention in the crypto market as its price action signals a potential breakout.

Traders are closely monitoring the $2 level as bullish pressure continues to mount, supported by high trading volume and strong technical indicators. A classic ascending triangle pattern has emerged on the daily timeframe, strengthening the case for further upward movement. At the time of writing, WIF is trading at $1.2471, reflecting a 24-hour gain of +2.74%.

Dogwifhat Price Ascending Triangle Signals Bullish Breakout

The WIF/USDT pair on the daily chart has been forming a textbook ascending triangle, characterized by a sequence of higher lows and a flat resistance zone between $1.22 and $1.28. This resistance area, observed since late April, has acted as a key rejection point for several weeks. The consolidation within this structure suggests building pressure as the price tightens toward the apex of the triangle, which often precedes a breakout.

Source: X

WIF recently initiated what appears to be a breakout above this horizontal resistance, accompanied by an upward price movement of more than 2%. A long position was observed slightly above the $1.28 resistance, aiming for a price target of $2.16, which represents a projected upside of approximately +22.6% from the breakout point.

The target is derived using the measured move technique, a common method used in triangle pattern analysis. The stop-loss for the position has been placed around $0.8752, below the last major higher low, offering a clear invalidation point if the breakout fails to hold.

Market observers have noted that the recent momentum is being supported by strong structural signals, and a daily close above $1.28 could confirm the continuation of the bullish trend. Traders are awaiting confirmation to validate the upward trajectory toward the $2 range.

Trading Volume Surges Past $800 Million

The 24-hour performance of Dogwifhat also highlights increased market participation, with the token registering a gain of +3.80% to reach $1.24. During the same period, the token recorded two intraday price spikes, peaking around $1.28 before brief pullbacks. These moves were backed by a significant volume increase, with total daily volume reaching $831.04 million—equivalent to over 65% of WIF’s total market capitalization of $1.24 billion.

Source: BraveNewCoin

The correlation between volume spikes and price rallies suggests that these gains were not driven by low liquidity, but rather by substantial capital inflows. High volume accompanying a breakout is considered a strong confirmation signal in technical analysis. The sustained turnover above $800 million suggests active buying pressure, particularly from both retail and institutional participants.

WIF’s circulating supply remains at 998.9 million tokens, and the price movement appears to be driven primarily by demand. This organic price action, combined with increasing liquidity, positions WIF as a mid-cap asset with growing market relevance. Ranked #104 by market cap, the token continues to gain traction within the meme coin sector, supported by accessible infrastructure across trading and community platforms.

Indicators Reinforce Bullish Momentum

On TradingView, the WIF/USDT daily candlestick chart shows a clear bullish structure, with a recent high of $1.393 followed by a modest pullback to $1.215. Despite a minor decline of -1.94% on the day, the pattern of higher highs and higher lows remains intact. This structure has been developing since early June and reflects sustained bullish control.

Source: TradingView

Technical indicators further support the bullish outlook. The MACD (Moving Average Convergence Divergence) currently shows a bullish crossover, with the MACD line above the signal line and a histogram value of 0.025. Although slightly narrowing, the indicator still reflects positive momentum.

Meanwhile, the Chaikin Money Flow (CMF) reads +0.04, indicating ongoing capital inflow into WIF. A continuation of this trend, coupled with a breakout above $1.39, could pave the way for the next resistance levels between $1.60 and $1.80.

As the momentum builds and volume supports the trend, WIF’s price trajectory remains poised for a possible retest of the $2 level, contingent on broader market conditions and continued demand strength.