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Analyst highlights key moment as WIF tests support within its consolidation range between $0.76 and $1.50. Crypto analyst Rekt Capital is closely tracking Dogwifhat (WIF) as the memecoin pulls back toward a crucial support level at $0.76.
According to the analyst, this zone—identified by a black marker on the chart—could now serve as an essential test to determine whether WIF can maintain its bullish structure and continue consolidating within a broader range.
First Major Retest of $0.76 Support
The $0.76 level previously acted as resistance earlier in 2024, rejecting price and flipping into a barrier. Now, with WIF tumbling toward it from above, the market is presented with the first opportunity to confirm this level as a newly established support.
“This level has never before been retested as a support,” Rekt Capital noted. “On this pullback, price has the chance to retest this level into new support.”
A Weekly Close above $0.76 would signal strength and stability for WIF, reaffirming the foundation for its current range structure.
Possibility of a Volatile Retest
Despite the importance of holding $0.76, the analyst acknowledges that WIF could experience volatility in the process. A downside wick below $0.76 remains a possibility, with the orange order block below acting as a potential zone for temporary liquidity grabs before reclaiming higher levels.
“Weekly Closing above black would be necessary to demonstrate continued stability here,” Rekt Capital emphasized. “Downside wicking… into the orange order block could also be on the cards.”
This kind of price action is not uncommon during retests of freshly reclaimed levels, especially in high-beta assets like memecoins.
Range Structure: $0.76 to $1.50
The broader context shows WIF attempting to establish a consolidation range between $0.76 support and $1.50 resistance (marked in green). A strong defense of the lower range boundary would keep WIF positioned for eventual re-tests of the upper end.
“Price needs to find stability at the black level if it wants to reaffirm that it is now consolidating between the black $0.76–$1.50 Range,” Rekt Capital explained.
Should WIF successfully hold the $0.76 zone and reclaim momentum, it may set the stage for a rally back toward the $1.50 level and a potential breakout above.
Conclusion
Dogwifhat’s current technical structure is at an inflection point. Holding the $0.76 level will be key for bulls looking to confirm that the asset has flipped resistance into support and is ready to continue building strength. Failure to do so, or a breakdown below the orange order block without recovery, could indicate deeper downside before any sustainable rally resumes.
For now, all eyes are on the weekly close — and whether WIF can prove it has the resilience to hold its range.
The post Dogwifhat (WIF) Approaches Critical $0.76 Retest Amid Pullback appeared first on Coindoo.
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