The crypto market witnessed a sudden pump during Sunday’s low volatility as Bitcoin headed back to $70,000. Amid the renewed bullish sentiment for the Quater 4 rally, a crypto analyst highlights potential bottom formation in Dogwifhat price with key technical indicators, proposing a reversal opportunity.
By press time, the WIF price traded at $2.5 with an intraday gain of 5.75%. Conservatively, the asset market cap rallied to $2.5 Billion.
Analyst Predicts Bottom for Dogwifhat as WIF Targets $3 on Bullish Momentum
In a recent tweet, analyst Bluntz highlights a bullish outlook for the dog-themed meme coin Dogwifhat, studying the WIF/SOL pair. The layer-1 cryptocurrency Solana has showcased substantial bullish momentum as the crypto market is gradually adopting the Q4 rally.
While the SOL’s strength could boost the top memecoin under its umbrella, the Dogwifhat (WIF) caught the analyst’s attention as a promising candidate for a potential breakout.
According to Bluntz, the WIF/SOL pair appears to be bottoming out on the 4-hour chart. He notes a “5 down” wave pattern, a common signal for the end of a correction phase, accompanied by significant divergence.
This setup, particularly with the heavy divergence, suggests a possible trend reversal for the Dogwifhat price.
WIF Price Analysis Signal 1.5% Surge Before Key Breakout
In the past two weeks, the WIF price has showcased a steady downtrend from $2.97 to $2.1 low, accounting for a 26% loss. This bearish turnaround resonating strictly within two downsloping trendlines reveals a bull flag pattern formation.
Theoretically, this chart setup is characterized by a long ‘Pole’ representing the dominating trend and a ‘Flag’ portion to display temporary correction. This retracement holding its position above the 50-day exponential moving average accentuates a health pullback for the next leap.
Currently, the Dogwfihat price trades at $2.48, standing 1.5% away from challenging the flag resistance. A potential breakout from the overhead trendline will give buyers sufficient support to drive a higher recovery.
The post-breakout rally could drive the asset 32% up to challenge the $3.3 high.
On the contrary, if crypto sellers continue to defend the flag resistance, the dogwifhat could witness renewed selling pressure and drive an extended consolidation.
The post Analyst Signals Bottom for Dogwifhat Price as WIF Eyes $3 with Bullish Support appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed