dogwifhat price records a notable 11% during Tuesday’s U.S. market session, currently trading at $2.73. The selling pressure follows broader market momentum and Bitcoin takes a sharp reversal below $100k. However, a crypto analyst shows the WIF pullback assists in the formation of a well-known reversal pattern that could bolster a rally to $10.
According to Coingecko, the Dogwifhat market cap stands at $2.7 Billion, while the 24-hour trading volume is at $2.2 Billion.
- Crypto analysts predict a massive uptrend for dogwifhat amid the formation of a cup and handle pattern.
- An ascending trendline in the daily chart drives the current recovery in WIF price by offering dynamic support.
- The $2.3 level could act as immediate support for crypto buyers during a market pullback.
Analyst Sees ‘Phenomenal’ Upside for dogwifhat Price
In a recent tweet, market analyst Friedrich predicted huge upside potential for dogwifhat price, stating the asset is poised to “go Bangers” in the coming week.
He highlights DOGE’s pivotal role in spearheading the current memecoin momentum, implying that the entire ecosystem may benefit from the increased attention. With DOGE leading the charge, tokens like WIF could potentially outperform other meme-based cryptocurrencies in terms of percentage gains.
The attached chart resembles the formation of a well-known reversal pattern called cup and handle. It resembles a teacup, where the “cup” forms a rounded bottom, indicating a period of consolidation, and the “handle” appears as a smaller, downward-sloping channel or correction.
The chart setup forming the handle portion, the Dogwifhat price is poised for a sharp reversal. If the pattern holds true, the coin price is 82% before challenging the key neckline resistance at $4.8.
Friedrich analysis indicates “phenomenal” risk-to-reward associated with WIF and the post-breakout rally could target $10.
WIF Faces Critical Support Test Amid Market Pullback
While optimism runs high, memecoins are inherently speculative assets with extreme volatility. Amid the Bitcoin price pullback, the Dogwifhat price witnessed a sharp dip from $3.9 to $2.7, registering a 30% decline in three days.
If selling pressure persists, the WIF price could plunge another 16% to retest a long-coming support trendline at $2.3. The dynamic support could bolster bottom support for the reversal pattern’s handle portion.
On a contrary note, a breakdown below the trendline could invalidate the bullish thesis.
