Date: Tue, July 29, 2025 | 07:27 AM GMT
The cryptocurrency market is experiencing a mild pullback after Ethereum (ETH) tested its multi-year resistance near $3,940 before slipping back to $3,840. This dip has put pressure on major memecoins, with Dogwifhat (WIF) sliding 6% today, reducing its monthly rally to 29%.
Despite the decline, WIF is showing signs of a potentially bullish setup, with a fractal pattern emerging that closely mirrors the explosive breakout structure recently seen in PENGU.
WIF Mirrors PENGU’s Breakout Setup
A side-by-side look at WIF and PENGU’s daily charts reveals a strikingly similar trajectory.
PENGU, after carving out a falling wedge — a classic bullish reversal pattern — reclaimed its 50-day and 100-day moving averages. These levels acted as a launchpad, enabling PENGU to consolidate between key support and resistance (red and blue zones) before igniting a massive 171% multi-leg rally.
Now, WIF appears to be tracing the same pattern.
Like PENGU, WIF has broken free from its falling wedge and reclaimed both its 50-day and 100-day moving averages. The token is now consolidating within the red resistance zone, just above key MA support — the same area where PENGU built momentum before its explosive upside move.
What’s Next for WIF?
If this fractal holds, a bounce from current levels and a breakout above the red resistance zone could fuel WIF’s next upward leg, potentially targeting $2.00 — a gain of roughly 90% from current levels.
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