• Dogwifhat (WIF) rebounds with a 4.89% daily price increase despite a 7-day decline of 18.51%.
• Open interest rises 4.87%, signaling renewed market activity and cautious optimism.
• Breaking above $0.99 resistance may pave the way toward the $1.27 target.

Dogwifhat (WIF), one of the meme coins that gained popularity during the viral trend in the spring of this year, is stabilizing after a rollercoaster week. Although it dropped by more than 18% during the last week, the token has posted a strong 24-hour recovery, soaring by nearly 3.15% to $0.8892.

This immediate rebound suggests the possibility of a short-term reversal of trend, driven by new buying demand along with bullish technical movement. Regardless of the price improvement, the trading volume has moderated, decreasing by 16.63% to $261.64 million.

However, it still maintains a high market cap at $893.01 million, making it one of the highest-valued meme coins currently. Both the price reversal and the lower volume suggest the early stages of a turnaround, though not necessarily the beginning of the rally.

Also Read: Dogwifhat ($WIF) Forms Bullish Cup and Handle, Targets $1.40 Breakout

Market Data Reflects Measured Recovery

Recent on-chain data supports the cautiously optimistic outlook. WIF Open Interest (OI) has increased by 4.87% to $392.59 million, indicating rising speculative interest and investor re-entry.

While cross-exchange trading volumes dropped to $1.07 billion, a decline of nearly 30%, the overall mood remains mildly positive.

This sentiment is supported by the Open Interest-Weighted Sentiment figure of +0.0012%, suggesting a gradual return of investor confidence.

The volume decrease in recent days may signal a cooldown after last week’s volatility, as the trading community reassesses entry opportunities and risk exposure.

This period of consolidation, combined with rising OI, indicates growing confidence among participants, though with guarded optimism.

WIF Chart Patterns Hint at Possible Breakout

Technical indicators paint a mixed yet encouraging picture. WIF has found support near the $0.85 level and is moving towards resistance near key exponential moving averages.

A breakout above the 20, 50, and 100 EMA levels could trigger stronger bullish momentum. The RSI currently stands at 42.78, slightly below neutral but far from the oversold region, indicating room for upward movement.

Meanwhile, the Bollinger Bands show a breakout from the lower band, which is often a signal of short-term recovery. If the token can manage to break above the $0.99 resistance, it may clear the path for a move towards the $1.27 target, a level previously reached during an earlier rally.

Also Read: Dogwifhat Hovers at $0.87, Can Bulls Ignite a $1.20 Rally?