WIF meme coin is showing bullish signals as traders closely monitor the key resistance level at $0.60

Analyzing the daily chart, the WIF coin price has formed a textbook Elliott Wave pattern. The current correction (Wave 4) appears to have completed.

.60" >

WIF coin price has formed a textbook Elliott Wave pattern, which may be hinting at more gains to come. The current correction (wave 4) seems to have completed, and the Dogwifhat price is now rebounding from the demand zone.

This level has held reliable support since mid-April. At the same time, wave 3 extended sharply to $0.72, followed by a measured ABC correction in which wave A and wave C were nearly equal in length, indicating symmetry in the retracement.

Usually, wave 5 follows wave 1 or wave 3 after price increases. With Fibonacci retracement levels between $0.64 and $0.67, bulls are eyeing a potential push into this zone. However, this will only happen if the WIF coin can break cleanly above $0.60-$0.61.

WIF Coin Price Shows Bullish Signs as Resistance Nears

The descending trendline is coming from the all-time high at $0.72. It intersects the current price structure at $0.60 to $0.61. This zone also aligns with the 0.382 and 0.5 Fibonacci levels, making it a highly contested region.

If Dogwifhat can close a daily candle above this band with volume, it would confirm a breakout from the downtrend and effectively flip resistance into support. In that case, targets of $0.64, $0.67, and even a retest of $0.72 come into play.

Looking at the Stochastic RSI, the indicator is currently bouncing off the 60 level, showing renewed strength. The K and D lines are both moving upwards and diverging, which is an early sign that momentum is accelerating.

This behavior is historically consistent with pre-rally setups. Similar Stoch RSI has preceded previous upward moves in the WIF coin bounces.

Volume Is Missing, But Social Buzz Stays High

Volume remains a crucial missing component in this move. While price structure and oscillators suggest a bullish breakout is brewing, confirmation will require an increase in buy-side volume. Notably, sentiment around Dogwifhat (WIF) remains highly engaged; for example, it is still a popular and trending meme coin on X.

At the moment, the WIF coin is at a critical juncture. A daily close above $0.61 will be important for a new bullish leg. With a completed ABC correction, favorable Elliott Wave setup, and a bullish Stoch RSI bounce, the path of least resistance may soon shift upward. Traders should keep an eye on the $0.60-$0.61 range, as it is the most important point.

News data source: kdj.com

The above is the detailed content of WIF meme coin is showing bullish signals as traders closely monitor the key resistance level at $0.60. For more information, please follow other related articles on the PHP Chinese website!