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The price of Dogwifhat (WIF) has risen by 100% over the past seven days despite a 5% decline in the last 24 hours to $1.12 as of 3:30 a.m. ET on Friday on a 9% drop in trading volume to $1.12 billion.

The WIF/USDT pair has shown a huge bullish breakout after several months of consolidation and a persistent bearish trend. The daily chart shows a clear transition from a descending channel that began in late December 2024 to a strong upward movement that gained traction in early May 2025.

Following the formation of a solid support zone around the $0.35-$0.45 range, the price reversed its trend and has since risen, breaking above $1.10. This breakout confirms a significant change in market sentiment, pushing WIF into overbought territory on the RSI, which is now at 80.43, a signal of strong bullish momentum.

Prior to this surge, the asset was caught in a prolonged bearish channel, steadily declining from highs around $2.50 and finally hitting lows just below $0.40.

WIFUSDT Analysis Source: Tradingview

Since then, the Dogwifhat price has reclaimed previous minor highs and decisively broke through a key resistance level at around $0.68, transforming it into support. The strong rally was also accompanied by a surge in the Relative Strength Index (RSI), indicating heightened demand and strong buying pressure.

Overbought RSI May Signal Near-Term Pullback

Traders are now closely watching the new order block (OB) around the $0.75-$0.85 zone as a potential area where the price could pull back to before continuing its ascent. With the upside liquidity swept and the price reacting positively to it, bullish traders may see $1.50 as the next psychological level if momentum continues.

However, the extreme RSI readings at 81 suggest that a short-term pullback or consolidation could occur before the next leg up. In the event of a retracement, the previous resistance-turned-support zone and the OB below offer critical levels to watch for potential bullish continuation.

WIF’s breakout from the bearish channel and its ability to stay above the old resistance suggest a strong bullish bias in the short to medium term.

The combination of technical signals, including the market structure break, provides support. If buying interest remains strong, this rally could mark the beginning of a broader trend reversal and sustained upward move for WIF.