dogwifhat [WIF] retested its former range high as support earlier in June. The most recent retest yielded a positive price reaction for the memecoin.

Despite the 26% move higher in two days, WIF bulls still face resistance at the previous week's high.

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dogwifhat [WIF] retested its former range high as support earlier in June. The most recent retest yielded a positive price reaction for the memecoin. And yet, despite the 26% move higher in two days, WIF bulls still face resistance at the previous week’s high.

WIF heading for a bearish reversal soon?

Source: WIF/USDT on TradingView

The 1-day chart signaled a bearish structure for dogwifhat. After testing the $1.18 resistance in mid-May, WIF set a higher low at $0.93 four days later, before bouncing higher to test $1.18 once again.

The second attempt was met with failure, and the rejection forced the price below the $0.93-mark. This shifted the structure bearishly on 31 March. A few hours before the time of writing, WIF attempted to rally beyond $1, but could not succeed.

The CMF on the daily chart was at -0.17, signaling heavy capital outflows. The MACD was near the zero line and on the verge of forming a bearish crossover.

Source: WIF/USDT on TradingView

The 4-hour chart revealed a CMF at +0.06, following the price bounce from the local low at $0.8. The brief move beyond $1.04 suggested a structure shift, but it was more likely to be followed by a reversal.

We had a brief dogwifhat price peek above the $1.04-level, followed by a bearish engulfing candle on the H4 chart – A sign of a bearish reversal. The CMF’s drop below +0.05 would be a clue that buying pressure had waned.

The bearish crossover on the MACD could also confirm the momentum shift. As things stand, a sustained WIF rally might need Bitcoin [BTC] to jump higher. Until then, traders can expect a reversal towards $0.8.

Source: Coinglass

The 2-week liquidation heatmap showed two magnetic zones of importance. The one further from the market price was just below $0.8, the target of the anticipated bearish reversal. Another liquidity pocket at $1.08 could beckon WIF to it.

If the short-term demand and speculative interest ramp up, a breakout past the psychological $1 resistance could be sustained. This would become more likely if Bitcoin can see gains in the short term. Else, swing traders can wait for a dip to $0.8 to go long.

 output:

dogwifhat (WIF) had a rough start to June as sellers pushed the memecoin back into the former range high at $0.8. Having defended the level earlier in the month, buyers finally managed to push dogwifhat back above the $1 mark on Thursday.

The move was fueled by a strong open interest build-up at the $0.8 level, which sellers failed to penetrate.

After a 24-hour rally of 26%, dogwifhat was still struggling to break above the previous week’s high of $1.18. The sellers' attempts to push the price lower could be seen as an attempt to invalidate the structure and set the stage for further declines.

However, if buyers can manage to push the price higher, then the door could open for a continuation of the uptrend.

dogwifhat structure still bearish despite recovery

The 1-day chart showed a bearish structure for dogwifhat. After testing the $1.18 resistance in mid-May, dogwifhat set a higher low at $0.93 four days later, before bouncing higher to test $1.18 once again.

The second attempt was met with failure, and the rejection forced the price below the $0.93-mark. This shifted the structure bearishly on 31 March. A few hours before the time of writing, dogwifhat attempted to rally beyond $1, but could not succeed.

The CMF on the daily chart was at -0.17, signaling heavy capital outflows. The MACD was close to the zero line and on the verge of forming a bearish crossover.

The 4-hour chart revealed a CMF at +0.06, following the price bounce from the local low at $0.8. The brief move beyond $1.04 suggested a structure shift, but it was more likely to be followed by a reversal.

We had a brief dogwifhat price peek above the $1.04-level, followed by a bearish engulfing candle on the H4 chart – A sign of a bearish reversal. The CMF’s drop below +0.05 would be a clue that buying pressure had waned.

The bearish crossover on the MACD