dogwifhat (ETH)

Solana

when

dogwifhat

Coin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
It has come to light, thanks to an observation by prominent crypto analyst&nbsp;<a href="https://x.com/ali_charts/status/1846881645606912336">Ali Martinez</a>, that popular&nbsp;<a href="https://u.today/dogecoin-doge-rockets-900-million-in-24-hour-bullish-whale-craze">meme cryptocurrency</a> dogwifhat (WIF), based on Solana, could be forming a rising wedge pattern.&nbsp;
If you are not familiar with the term, a rising wedge is a technical chart pattern that often signals a possible reversal in price direction. It happens when the price is going up but the range between the highs and lows gets smaller, creating converging trend lines. The trend lines slope upward, with the upper line formed by the highs and the lower line by the lows.&nbsp;
However, a rising wedge often signals a bearish reversal for the asset even though the price is going up.&nbsp;
<blockquote>
 <a href="https://twitter.com/hashtag/Dogwifhat?src=hash&amp;ref_src=twsrc%5Etfw">#Dogwifhat</a> <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> could be forming a rising wedge! If the lower boundary at $2.50 holds, we could see a rebound to $3.10! <a href="https://t.co/xg3sy3tyfo">pic.twitter.com/xg3sy3tyfo</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1846881645606912336?ref_src=twsrc%5Etfw">October 17, 2024</a>
</blockquote> 
Martinez is making a pretty bold prediction based on this pattern. He says that if the lower boundary of the wedge at $2.50 holds, the price of dogwifhat coin could rebound to $3.1.&nbsp;
<h2 dir="ltr" id="bullish-but-bearish">Bullish, but bearish</h2>
On top of that, if WIF keeps trading at this price, it could go up as high as $3.20 per coin after a possible correction. This raises an interesting question: while prices can rise within a wedge, the pattern suggests the probability of a painful downside breakout once support breaks.
Should one indulge in trading a bearish pattern, even if it means a potential upward move before collapse?
While such a philosophical question remains pure rhetoric, more pragmatic traders focus on the price performance of the&nbsp;<a href="https://u.today/dogecoin-doge-price-shines-green-amid-7868-million-mysterious-whale-transfer">dogwifhat</a> coin near the $2.50 support.

Top Solana Meme Coin dogwifhat (WIF) Forms Do-or-Die Pattern

Table of Contents

U_Today

Other articles published on Oct 17, 2024

Nick Szabo, Len Sassaman, or Someone Else: Who is the Real Satoshi Nakamoto?

Montenegro Finalizes Do Kwon’s Extradition Decision

Lights, Camera, Crypto: Bollywood Goes Blockchain with Shemaroo and RECRD

Robinhood Expands Trading Options by Introducing Bitcoin and Ethereum Futures

HMSTR Token Crashes 70% – Can Hamster Kombat Season 2 Save It?

Major Moves Expected in Altcoin Projects as U.S. Elections Approach

Join our free newsletter for daily crypto updates!