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Dogwifhat Price Analysis: The cryptocurrency market entered July on a bullish note as <a href="https://coingape.com/bitcoin-btc-will-the-history-repeat-for-itself-in-july/">Bitcoin</a> jumped 2% on Asian Trading hours to hit $63880. The renewed buying pressure has uplifted altcoins to a fresh relief rally with the meme coins leading in growth due to their volatile nature. Dogwifhat, the Solana-based <a href="https://coingape.com/meme-coin/">memecoin</a>, has emerged as one of the top gainers, experiencing an 11.5% surge in the last 24 hours. This upward movement indicates a potential reversal pattern, setting the stage for a higher rally. 
Also Read: <a href="https://coingape.com/breaking-german-govt-dumps-400-btc-to-major-exchanges-transfer-spree-continues/">Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues</a> 
<h2 id="span-style-font-weight-400-dogwifhat-price-analysis-key-indicators-signal-major-reversal-span">Dogwifhat Price Analysis: Key Indicators Signal Major Reversal</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/x/XF25I4re.png" alt="BINANCE:WIFUSDT Chart " width="1942" height="890">
 <figcaption class="wp-caption-text">
 Dogwifhat Price Analysis| Tradingview
 </figcaption>
</figure> 
The easing supply pressure in the crypto market after Bitcoin’s reversal from $60000 has bolstered several altcoins to form the local bottom. <a href="https://coingape.com/markets/dogwifhat-price-analysis-wif-eyes-3-whale-purchases/">Dogwifhat</a> clearly shows this phenomenon in a 4-hour chart as the price reverted immediately from the $1.478 mark. 
Within a week, the bullish upswing propelled WIF by 48.83% to reach the $2.19 trading price, while the market cap surged to $2.2 Billion. A deeper analysis of the technical chart shows the V-shaped recovery develops an inverted Head &amp; Shoulder pattern. 
In theory, this chart pattern is commonly spotted at major bottoms as an early sign of trend reversal with new higher low formation. With an intraday gain of 4%, the Dogwifhat coin teases a bullish breakout from the pattern’s neckline resistance around $2.3. 
An upside breakout with a 4-hour candle closing will provide buyers with suitable support to lead a sustainable recovery. 
Also Read: <a href="https://coingape.com/trending/cryptos-to-buy-on-this-1st-july-to-stay-bullish-throughout-month/">Cryptos To Buy On This 1st July To Stay Bullish Throughout Month</a> 
<h2 id="span-style-font-weight-400-daily-and-4-hour-chart-pattern-signal-bullish-trends-for-wif-span">Daily and 4-Hour Chart Pattern Signal Bullish Trends for WIF</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/1/1kgzbvu5.png" alt="BINANCE:WIFUSDT Chart " width="1942" height="890">
 <figcaption class="wp-caption-text">
 Dogwifhat Price Analysis| Tradingview
 </figcaption>
</figure> 
An analysis of the daily chart shows the June market correlation and recent recovery assisted <a href="https://coingape.com/markets/dogwifhat-price-bottomed-whale-activity-1-5-reversal/">WIF prices</a> to develop a falling wedge pattern. This reversal pattern encourages the asset to resonate within two converging trendlines until it develops sufficient momentum to break the diagonal resistance trendline. 
Thus, the InH&amp;S pattern of the 4-hour chart could be the necessary precursor for a bull cycle within the wedge. The first pattern breakout could surge the memecoin 52% at $3.3 and challenge the overturned. 
The <a href="https://coingape.com/glossary/wedge-pattern/">wedge pattern</a> breakout will be the key signal of uptrend continuation, bolstering Dogwifhat to target $4, followed by $4.86. 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">ADX: A downtick in the Average Directional Index indicator at 21% accentuates the prior trend (bearish) losing its momentum, which could bolster buyers from taking over.</li> 
 <li style="font-weight: 400;" aria-level="1">EMAs: The coin price trading below the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Average</a> (20, 50, and 100) indicates the market sentiment is still bearish and the path to least resistance is up.</li> 
</ul> 
The post <a href="https://coingape.com/markets/dogwifhat-price-analysis-2-actions-take-2-reversal-patterns-wif-rally-4/">Dogwifhat Price Analysis: 2 Actions To Take As 2 Major Reversal Patterns Set WIF Rally For $4</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Dogwifhat Price Analysis: 2 Actions To Take As 2 Major Reversal Patterns Set WIF Rally For $4

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