As a seasoned crypto investor with a penchant for meme coins and a knack for spotting trends, I find myself intrigued by the latest analysis of Dogwifhat (WIF) by analyst Bluntz. With my years of experience in navigating market fluctuations, I can’t help but see the potential in this dog-themed gem.
On Sunday, when cryptocurrency market volatility was low, there was a surprising surge as Bitcoin approached $70,000 once more. With the return of optimistic expectations for the Q4 rally, a crypto analyst has pointed out possible bottom formation in Dogecoin‘s price using significant technical indicators, suggesting a chance for a turnaround.
As the deadline approached, the cost of one WIF unit was at $2.5, marking a daily increase of 5.75%. Moderately, the total value of this asset in the market reached a staggering $2.5 Billion.
Analyst Predicts Bottom for Dogwifhat as WIF Targets $3 on Bullish Momentum
Analyst Bluntz recently shared optimistic views on the meme coin Dogwhatee (DWH) in a tweet, focusing on its pair with WIF (Wrapped Solana). The blockchain platform Solana has demonstrated strong bullish tendencies, reflecting a growing market acceptance of its Q4 rally.
Despite the SOL‘s power potentially elevating the leading meme coin within its jurisdiction, Dogwifhat (WIF) piqued the interest of analysts as a strong possibility for a forthcoming surge.
Based on Bluntz’s analysis, it seems that the WIF/SOL combination might be reaching its lowest point on the 4-hour graph. He points out a “5 down” wave structure, which is often indicative of the conclusion of a corrective phase, and there is also a substantial divergence present.
Based on this configuration, especially considering the significant deviation, there’s an indication that the Dogwifhat’s price trend might be shifting.
WIF Price Analysis Signal 1.5% Surge Before Key Breakout
Over the last fortnight, the price of WIF has displayed a continuous decrease from $2.97 to around $2.1, representing a 26% drop. The recent bearish movement is clearly indicated by two descending trendlines, suggesting the emergence of a bull flag pattern.
In theory, this chart structure features a prolonged ‘Pole’ indicating the main trend and a smaller ‘Flag’ section showing brief corrections. The fact that this correction remains above the 50-day exponential moving average suggests a strong recovery period may follow.
As a researcher, I’m observing that the current trading price of Dogwfihat is at $2.48, which represents a 1.5% gap from challenging the resistance of the flag pattern. If we see a potential breakout above the trendline, it could provide the necessary momentum for buyers to propel a more substantial price recovery.
The post-breakout rally could drive the asset 32% up to challenge the $3.3 high.
Conversely, should crypto sellers persist in holding their ground at the resistance level, there may be increased selling activity, potentially leading to a prolonged period of price stabilization or sideways movement for the digital currency known as dogwhatever.
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2024-10-28 06:18