[ccpw id="39382"]

HomeCrypto NewsAnalysisSolana WIF Set for $2 Push Amid Increasing Breakout Chances

Solana WIF Set for $2 Push Amid Increasing Breakout Chances

Date:

Written By:

Follow Us On

Solana meme coin Dogwifhat (WIF) prepares a wedge breakout run as it exceeds a triangle pattern in the 4-hour chart. Will this lead to a price jump to $2?

Altcoins are gaining momentum, with the Bitcoin price above $57K. Amid the increasing buying pressure, meme coins rank at the top of the charts. One such meme coin is WIF, ready for a domino effect of breakout rallies. 

As buyers overcome the hurdles in the shorter timeframes, WIF shows readiness to outgrow the long-coming wedge. 

- Advertisement -

WIF Ready to Outgrow Wedge Pattern

In the daily chart, WIF reveals a long-coming falling wedge pattern, starting with the correction phase in April 2024. Under the influence of a resistance trendline, WIF price faces multiple overhead reversals. 

Amid the correction phase, WIF dropped to a low of $1.07 from the 52-week high of $4.8571, accounting for a downfall of 77% in five months. The meme coin is preparing a double-bottom reversal with the baseline at $1.39. 

WIF Price Chart
WIF Price Chart

As the new bull cycle gains momentum, the meme coin WIF has surged 13.52% over the past two days. Currently, WIF is trading at $1.6824, with an intraday gain of 8.77%.

With the bullish reversal, the MACD and signal lines have returned to a positive alignment, resulting in a surge in bullish histograms. Meanwhile, the daily RSI line shows a bullish divergence in the double-bottom pattern. As a result, the momentum indicators are triggering a BUY signal for price action traders.

Triangle Breakout Run For WIF

The recovery rally has triggered another significant price action signal in the 4-hour chart, with WIF breaking out of a triangle formation and crossing above the 200-EMA.

- Advertisement -
WIF Price Chart
WIF Price Chart

The increasing bullish influence has led to a positive crossover of the 20 and 100 EMAs, with a crossover of the 50 and 100 EMAs likely to follow. Based on Fibonacci levels, the WIF breakout rally is expected to reach the 23.60% or 38.20% Fibonacci levels at $2.04 and $2.52, respectively.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

More from Author

Latest Stories

Guides