- WIF rose 2.4% to $0.8573 after breaking out of a descending diagonal and reclaiming the EMA.
- Support has formed at $0.8232, with resistance overhead at $0.9015 as price exits the wave (2) structure.
- The breakout marks the end of the local pullback and suggests the start of a potential wave (3) advance.
Dogwifhat (WIF) has broken above a key descending diagonal and the EMA, confirming the end of its local corrective structure. The current price sits at $0.8573, up 2.4% in the last 24 hours. WIF has now established a clear support level at $0.8232, while resistance remains overhead at $0.9015.
This movement comes after the completion of its initial impulse wave, labeled (1)-(5), and a brief local pullback. Price now tests the early stages of a potential third wave, setting the stage for the next major trend leg.
WIF Breaks Wedge, Reclaims EMA
Following a sustained downtrend that spanned months, WIF formed a clear five-wave structure up from local lows. The move culminated in wave (5) near the recent peak, after which a diagonal correction emerged.
This consolidation unfolded beneath the EMA and within a tightening descending wedge. However, price has now broken above that diagonal, closing above the moving average for the first time since the pullback began. This confirms a shift in the local trend structure.
Wave (2) Appears Complete as Price Tests Resistance
After finding local demand near $0.8232, prices began to form a higher low. The diagonal breakout indicates that wave (2) may now be complete. This level now acts as a short-term floor. Meanwhile, the price continues pressing toward the immediate resistance at $0.9015. The completion of wave (2) allows room for a possible third wave development, depending on price action over the next sessions.
Market Prepares for Possible Extension Toward Wave (3)
Based on current structure, WIF may be initiating its next leg within a larger wave count. The breakout above the wedge and EMA supports this possibility. Price continues to trade within a developing channel, with next targets positioned above current resistance. However, for confirmation, price m
