- WIF experiences an early rally, poised to surpass its all-time high after breaking out of a descending channel, indicating robust growth.
- Dogecoin shows 2020 patterns, with a post-breakout consolidation phase that could signal the start of another bull run.
Bluntz with an audience of over 240,000 followers, has set his sights on dogwifhat (WIF), a meme coin from the Solana (SOL) ecosystem, forecasting a bright future for this peculiar cryptocurrency.
what if i told you this next leg on $WIF is going to be the one that goes turbo parabolic?
no more pulling back at 50c resistance, this is going to be the push that goes crazy imo.
trading this on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/5TIHXeaP3i
— Bluntz (@Bluntz_Capital) February 20, 2024
Have you heard of WIF? If the answer is no, now is the time to pay attention. Bluntz suggests that WIF is on the verge of making history by surpassing its all-time high of $0.47, a level that has so far acted as a difficult barrier to break. But what’s next could completely change WIF and, by extension, for the memecoin market.
According to Bluntz, we are looking at the possible unprecedented rally for WIF.
“Imagine this next leg in WIF is the one that shoots up parabolically, with no further pullbacks at the $0.50 resistance. This is going to be insane,” comments the analyst.
The prediction lies in detailed technical analysis.
WIF has formed a descending channel on the four-hour chart, and according to Bluntz, itis poised to break to the upside after testing its lower boundary. Moreover, it has found a solid support level at $0.289, aligned with the 68.2% Fibonacci retracement level .
For those who follow technical analysis, this is a key indicator suggesting an inflection point for the cryptocurrency price.
WIF is trading at $0.299, right at the writing of this article, marking an impressive 7.556% increase from its price of $0.00478 last December 13.
This kind of growth is testimony to the capacity for surprise that characterizes the cryptocurrency market, especially in the memecoin segment.
But what does all this mean for Dogecoin?
Bluntz’s WIF prediction could have a ripple effect on interest in meme coins. A successful WIF rally not only validates the viability of these memecoin but may also attract more attention and capital to the meme sector of the cryptomarket.
This, in turn, benefits coins like Dogecoin, which share a similar fan and enthusiast base.
Dogecoin presents an interesting case
Looking at its recent behavior, one notices a trend reminiscent of its performance in 2020. During that year, Dogecoin experienced a breakout from a descending triangle, followed by a period of consolidation, before beginning a climb in value.
This cycle culminated in a spectacular rise of 28.770%.
Currently, Dogecoin appears to be following a similar trajectory. After breaking out of a descending triangle pattern again, memecoin has entered a consolidation phase. This pattern suggests the possibility of a preparation for another jump in its price.
The price of DOGE at the time of writing is trading at $0.08509
