With a massive surge last week, the Dogwifhat (WIF) price trend witnesses a potential GOD candle in the weekly chart.
The increasing demand for meme coins in the crypto market signals a potential trend continuation WIF’s price.
Further, as a Solana-based meme coin, WIF could surge, with Solana targeting $200. Will the bull run from meme coins continue, and more importantly, will WIF reinstate a bullish phase in motion?
Double Bottom Reversal In Dogwifhat Challenges Solid Resistance Trendline
With a massive 67% correction in the backdrop, WIF prepares for a bullish turnaround as the broader market recovers. As the underlying demand at the $1.50 psychological mark remains resilient, the Solana-based meme coin recovers over the week.
Further, the massive 62% God candle in the weekly chart results in a morning star pattern. Thus, the price action bolsters the chances of an uptrend.
The correction phase created a solid resistance trendline, which resulted in an intense 58% correction in early June. However, the demand at $1.50 results in a double bottom reversal in the WIF price and breaks the neckline at $2.30.
Currently, the meme coin trades at $2.75 to challenge the overhead resistance trendline. However, the intraday fall of 2.37% reveals a significant supply pressuring the ongoing recovery rally.
Notably, the double bottom reversal comes with the bullish divergence in the daily RSI line. Presently, the recovery trend propels the RSI line to borderline overbought.
Moreover, the ongoing recovery is accompanied by the MACD and signal lines crossing into positive territory and a surge in bullish histograms.
Interestingly, WIF surpasses all the crucial 50, 100, and 200-day EMAs. Further, it teases a bullish crossover of the 50 and 100-day EMAs.
Will WIF Price Rally Hit $5?
With the ongoing recovery rally pausing the overhead trendline, dogwifhat teases a minor delay in the breakout run. Further, as the broader market picks up pace, WIF is likely to fracture the trendline and end the correction phase.
Based on the trend-based Fibonacci levels, the potential breakout rally WIF’s price could reach the 50% Fib level at $3.62. Further, the bull run in the meme coin could hit the $5.77 mark. Conversely, a bearish reversal could result in a retest of the $2.50 mark.
