Dogwifhat (WIF) Shines With 15% Rally In The Past Week — Is $2.8 The Next Stop?
10 November 2024 - 12:00PM
NEWSBTC
The emergence of Donald Trump as the president-elect of the United
States has been one of the biggest catalysts the crypto market has
seen this year. The meme coin market has largely benefited
from the recent bullish sentiment in the crypto industry, with the
price of Dogwifhat (WIF) also running rapidly to the upside.
Although this spurt of bullish momentum has drawn the attention of
traders and other market participants, several investors are still
treading with caution while anticipating a brief pullback. However,
a prominent crypto analyst believes it is time to buy and has come
forward with an audacious projection for the price of Dogwifhat.
Solana-based Meme Coin Dogwifhat To Rally 20% — Here’s How In a
November 9 post on the X platform, crypto pundit Ali Martinez
shared an exciting analysis of the WIF price, explaining that the
meme coin might not be done just yet. Based on recent price action,
the Dogwifhat token appears to be in line for a sustained upward
price run. Related Reading: PEPE Slips Into Correction: Here Are
Key Levels To Watch For A Rebound The rationale behind this
projection is the formation of a bull flag pattern on the 4-hour
chart. A bull flag pattern is a chart formation used in technical
analysis and is characterized by a period of steep upward price
movement (the flagpole) and a short period of consolidation or
slight downward trend (the flag). The bull flag typically acts as a
strong continuation pattern for an upward price trend. However, it
is important to look out for a price breakout to the upside of the
flag in order to confirm the trend continuation prognosis. As shown
in the chart above, the price of Dogwifhat appears to be breaking
out of the flag, suggesting the potential persistence of the upward
trend. Should this breach be successful, it is worth noting that
the breakout usually replicates the length of the initial flagpole.
Using this first flagpole as a template, Martinez placed the price
target for the Solana-based meme coin at $2.84, which represents a
20% increase from the current price point. WIF Price At A
Glance As of this writing, the price of Dogwifhat stands at around
$2.40, reflecting a 5.9% increase in the past 24 hours. This
single-day action has further improved the meme coin’s performance
on the weekly timeframe, bringing it up to 14.6% in the past seven
days. Related Reading: Dogecoin Price Forecast: Analyst Says
Downside Is Minimized As 1M, 3M, And 6M Candles Turn Bullish
Featured image created by Dall-E, chart from TradingView
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