With just 100 blocks left for the Bitcoin Halving, the altcoins are starting to heat up trend momentum. The bullish reversal in WIF price showcases a boost in momentum with a breakout entry opportunity.
Spearheading the recovery rally in the meme coin industry, the Dogwifhat showcases an early reversal rally. Will the WIF price continue the prevailing uptrend to reach the $5 mark as the Bitcoin Halving inches closer?
During the correction phase in the broader market, the WIF price dropped from the peak of $4.85 to the crucial support of $2. The contracting downfall led to a wedge pattern while the buyers started a sideways trend above the psychological mark.
However, with the newfound momentum, the meme coin exceeds the overhead resistance trendline. This brings a breakout entry opportunity for the sideline traders, with the broader market sentiments improving.
Currently, the WIF price trades at $2.71 with an intraday move of 5.74% following the 6% jump a day before. Further, the meme coin is inching closer to the $3 billion market cap, a reflection of the growing community and its dominance.
Technical indicators:
EMA: The death cross in the 4H is slowly losing its significance as the reversal rally gains momentum. Considering the uptrend regains momentum, the crucial EMAs could restart an positive trajectory, with a golden crossover.
RSI: The 4-hour RSI slope shows a bullish divergence fruition as the reversal rally surpasses the resistance trendline.
Also Read : Memecoin Mania Halts! What’s Next For PEPE And WIF Prices This Month?
If the broader market regains bullish momentum, the Dogwifhat price will likely display a breakneck upside move to reach the psychological level of $5. Optimistically, the breakout rally could hit the $6.90 mark or the $1.618 trend-based Fibonacci level.
On the contrary, if the supply pressure revamps, the WIF price might rechallenge the bullish dominance at $2.
Read More : Top 13 Memecoins to Buy for 10-50x Profits in 2024
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