The post Solana-Based Memecoin Makes a Significant Comeback: dogwifhat (WIF) Price Enters the Top 50! appeared first on Coinpedia Fintech News
dogwifhat Price, the 5th largest token according to its value among the memecoins, is all set to trigger a massive run after a fine bullish week. The memecoins have been displaying enough strength since the start of the year and with the launch of the fresh tokens within the space, they have made a remarkable impact on the crypto markets. The WIF price faced a huge pullback much before reaching the apex of a bearish pattern and hence a continued ascending trend could be followed regardless of the bearish interferences.
Solana-based memecoin, WIF, made a remarkable comeback and entered the top 50 cryptos with a huge 50% upswing in the past 7 days. The token has also left behind the popular ones, which managed to gather an average of 25% to 30% gains. However, the WIF price is attempting another time to break out of the bearish range and a successful one may cause another 45% jump in the coming week.
Will the dogwifhat (WIF) price reach $4 before the end of the month?
The current trade set-up suggests, that the price triggered a rebound from the interim lows and soared high. After rising above the 0.5 FIB levels at $2.33, the bulls seem to have fallen weak, while bears have not yet captivated the rally. Mainly because the RSI remains elevated with a notable rise in the buying pressure. Therefore, the WIF price is expected to enter a crucial range in the next few hours which may turn the tables for the price.
The resistance of the descending parallel channel coincides with the 0.618 FIB levels, making it more important for the token to be secured. On the other hand, the fear of a minor pullback hovering over the token as a ‘death cross’ is approaching. Therefore, this may offer an opportunity for the bears to trigger a pullback after hitting the upper resistance close to $3. If the bulls display some strength, a rebound may be triggered in no time, resulting in a steep upswing, breaking above the resistance of the channel.