Dogwifhat Price Prediction: Falling Wedge Breakout Could Trigger Move Toward $0.98

Dogwifhat (WIF) is showing early signs of a potential trend reversal after forming a falling wedge pattern on the 1-hour chart, a setup commonly associated with bullish outcomes.

Technical indicators and volume dynamics suggest that momentum is shifting, though confirmation remains pending. As of June 22, 2025, WIF is trading near $0.702, with price action suggesting a critical moment for the meme token.

Falling Wedge Setup Points to Potential Breakout

A recent chart shared by analyst Crypto Joe (@CryptoJoeReal) identifies a falling wedge pattern developing on the WIF/USDT Price Prediction 1-hour chart. This technical structure is characterized by converging downward-sloping trendlines, typically viewed as a precursor to upward reversals.

The price has made several touches along both the upper and lower boundaries of the wedge, confirming the patterns validity. The lower support held during the latest retest, and WIF rebounded sharply, suggesting short-term buying pressure at this level.

Source: X

The chart also highlights a potential breakout target near $0.984, representing a significant move from current levels. The price currently trades below the 200-period moving average, which sits close to $0.807 and acts as a near-term resistance.

A successful breakout above the upper trendline, reinforced by increasing trading volume, could indicate the start of a bullish phase. However, technical confirmation is crucial, and the absence of volume expansion may reduce the reliability of this setup. Traders are closely monitoring for a break above the wedge and follow-through price action to validate the anticipated reversal.

Dogwifhat Price Prediction: Short-Term Price Action Remains Under Pressure

Additionally, the 24-hour performance of Dogwifhat reflects the challenges the token has faced amid broader market volatility. From June 21 to June 22, WIF declined from $0.76 to around $0.70, with consistent selling pressure dominating the session.

The price briefly fell below $0.72 early in the trading day, initiating a wave of exits that contributed to further declines. While the price did attempt to stabilize in the $0.68 to $0.71 range, these efforts were short-lived and lacked conviction from buyers.

Source: Brave New Coin

Volume data supports this view, as the over $300 million turnover during the day did not translate into meaningful recovery. Although the total activity remained high, most of it was linked to selling rather than new accumulation. Each minor bounce was quickly rejected, indicating that the downtrend had not yet been invalidated.

This price behavior highlights the lack of immediate support and the potential for a retest of lower levels unless a clear shift in sentiment emerges. Until then, any bullish breakout from the wedge pattern must overcome this short-term resistance to establish sustained momentum.

Daily Chart and Technical Indicators Support Caution

On the other hand, Dogwifhats Price Prediction daily chart on TradingView reflects a broader downtrend that began after the token peaked around $2.20 earlier in the year. Since then, the price has steadily declined, with the latest session closing near $0.693. This continuation of lower highs and lower lows indicates that sellers remain dominant. The recent candles have shown limited attempts at upward reversal, reinforcing the prevailing trend.

Source: TradingView

The MACD indicator adds further insight, with the MACD line positioned below the signal line. The histogram shows a deepening negative value, confirming that bearish momentum continues to build. This structure implies that unless price reclaims key levels with accompanying bullish volume, downward pressure could persist.

The Chaikin Money Flow (CMF) reading of -0.24 reinforces this view, signaling sustained capital outflows. A CMF value below zero indicates that selling activity outweighs buying, reflecting a market environment where holders are offloading positions.

While the falling wedge presents a bullish technical structure, the broader chart context and indicators suggest that caution is warranted. For WIF to approach the projected $0.984 target, it would require a confirmed breakout backed by strong volume and a shift in capital flows. Until such confirmation materializes, the token remains vulnerable to continued short-term weakness.