Solana-Based Memecoin Dogwifhat Records 16% Surge; Predicts Bullish Trend in July
Summary:
Dogwifhat (WIF), a Solana-based memecoin, has recorded a 16% rise in one day, reaching $2.34. The coin is on a rebound, having climbed 60% from its $1.47 low a week ago. The outlook remains positive, spurred by a rare bullish reversal pattern and excitement around the Solana ETF application in the U.S. The coin also annunciates a Bump-and-Run-Reversal (BARR) bottom pattern, suggesting around a 25% prospective expansion. The news about Solana's ETF application has positively fed the momentum of the memecoin's recovery trajectory, with other memecoins witnessing similar growth.
The Solana-based memecoin, Dogwifhat (WIF), witnessed a 16% surge on July 1, peaking at $2.34. This forms part of an ongoing upward trend; the last week saw the currency recover by 60% from its previous low of $1.47. WIF/USDT four-hour price chart. Source: TradingView. The prognosis for the Dogwifhat July trend is optimistic, spurred by the revelation of an uncommon bullish reversal chart pattern and heightened interest in the Solana exchange-traded fund (ETF) application in the United States. With the creation of BARR (Bump-and-Run-Reversal) bottom pattern, Dogwifhat is suggesting a potential 25% growth. This pattern, noticed since the start of June, initiated its breakaway phase on July 1, trailing 25% behind its primary goal of approximately $2.81. The BARR bottom pattern unfolds in three unique stages: the lead-in phase, the bump phase, and the run phase. A noteworthy characteristic of the lead-in phase is a continued bearish drift encompassing a series of lower peaks and troughs, constituting a declining trend line. A steep drop diverging from the lead-in phase's trend line is known as the Bump phase. Finally, the price begins to rehabilitate and penetrates the lead-in phase's trend line - the Run phase. It's been observed that a BARR bottom breakout usually catapults the price towards the equivalent distance between the lead-in phase trend line and the lowest bump point. Using this rule, WIF's prospective price target for July lies around $2.81. Nevertheless, a strong resistance at 200-4H exponential moving average (200-4H EMA; the blue wave) could hold back WIF's value from reaching $2.37. Any receding phase from this wave could prompt a bearish trend that drags the price down toward the 50-4H EMA which stands at approximately $2.06. Analyst Tom Bulkowski claims that BARR bottom patterns hit their growth targets with the success rate of 76%. Solana ETF news has created a bullish sentiment towards memecoins. Dogwifhat's recovery trajectory has seen a significant boost, especially in light of the Solana ETF application by 21Shares in the United States. The filing resulted in WIF's value propelling by over 22% since June 28. Other Solana-based memecoins such as Bonk (BONK), Book of Meme (MEME), and PopCat (POPCAT) have experienced a similar increase. The likely approval of the Solana ETF could escalate institutional investment and enhance market acceptance of Solana and related projects. This gives rise to an optimistic outlook which could further uplift other Solana-based tokens, driving up their values and potentially paving the path for WIF to hit its BARR target of $2.81 by July. This article does not provide investment guide or suggestions. Each investment or trading decision carries risk; hence, readers should undertake comprehensive research prior to making a decision.
Published At
7/1/2024 3:10:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.