After a recent correction, the cryptocurrency market appears to be starting a recovery. Amidst this momentum, Dogwifhat (WIF) shows promising signs hinting at a potential upcoming rebound.
The recent correction in the cryptocurrency market has generated signs of recovery, with Ethereum (ETH) bouncing back to $3,550 after its recent low of $3,357. As momentum returns, several altcoins and memecoins are beginning to show signs of strength, including Dogwifhat (WIF).
WIF is displaying modest gains today and showing the emergence of a symmetrical triangle pattern on its chart. This technical structure could be setting the stage for a potential upward movement.
On the daily chart, WIF is developing a classic symmetrical triangle – a pattern generally considered neutral but often leading to a significant price movement once a breakout occurs. The coin recently pulled back after being rejected near the upper boundary of the triangle around $1.32.
This rejection sent WIF sliding toward the lower trendline around $0.82, where it found support, not only at the base of the triangle but also at the 200-day moving average. This confluence of technical support helped initiate a bounce, pushing WIF above $0.91.
In the short term, WIF’s outlook will likely depend on its behavior around these key technical levels. A successful breakout above the 50-day moving average could trigger bullish momentum, potentially carrying the price toward the upper boundary of the triangle around $1.24 – a move that would reflect an increase of more than 36% from current levels.
However, for this setup to remain valid, WIF must maintain its level above the 200-day moving average at $0.79. A break below this level could invalidate the triangle pattern and pave the way for further downward movements.
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Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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