The post WIF sees massive surge over the past month appeared on BitcoinEthereumNews.com.

WIF declined by 11.86% over the past 24 hours. An analysts eyes a continuation of the monthly uptrend citing Elliot’s wave 3. Over the past month, dogwifhat [WIF], the fourth largest memecoin by market cap, has experienced a sustained upsurge. As such, on monthly charts, WIF has surged by 35.69% rising from a low of $1.38 to $2.63. However, over the last week, WIF has experienced a slight decline. In fact, as of this writing, WIF was trading at $2.15. This marked a 0.04% decline on monthly charts with an extension to the bearish trend by 11.86% in 24 hours. The current market conditions raise questions about whether WIF will recover to reclaim its monthly highs or whether the bearish trend will persist. Inasmuch, popular crypto analyst Decode Trading suggested that WIF is expected to continue with the uptrend citing the Elliot wave. Market sentiment In his analysis, Decode posited that WIF has already made a low in wave 2 and now it’s moving in wave 3. Thus, wave 3 has an internal structure where wave 4 is done and wave 5 is yet to finish and it has already retested the daily channel. Source: X What this simply means is that wave 2 is complete which signals the end of the current market correction. Following this completion, the current prices are in Wave 3 which is usually viewed as the strongest. The internal structure of this wave shows that wave 4 is complete and wave 5 is likely to drive prices higher. Since WIF has already retested a key support level and held it, this strengthens the bullish outlook. What WIF’s fundamentals show Although this technical perspective from the Elliot wave points to a reversal from the recent pullback, it’s essential to determine what underlying fundamentals say. Source: Coinglass…

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Filed under: News - @ October 3, 2024 12:20 pm