The post Solana memecoin dogwifhat battles correction: Is a move to $3.10 likely? appeared on BitcoinEthereumNews.com.

dogwifhat seems to be forming a rising wedge pattern. WIF holders count continue to see positive change. dogwifhat [WIF], a Solana-based memecoin, is currently showing signs of resilience as it battles a potential short-term correction. After recent AMBCrypto analysis hinted at a possible drop to the $2 zone, WIF seems to be holding steady around the $2.50 mark. This comes as WIF traders continue to buy every dip, reigniting bullish sentiment. With a rising wedge pattern forming, there is potential for a rally, especially in this bullish quarter. If WIF can maintain the lower boundary of its wedge at $2.50, it could see a rebound to $3.10, offering potential gains of up to 20%. However, a break below this level could lead to a retest of the $2 zone, as previously highlighted. Source: TradingView WIF has bounced off its lower trendline and moved toward the upper resistance. If the $2.50 level holds, it could propel the price higher. But a break below $2.50, confirmed with a retest, might invalidate the bullish outlook and push WIF toward the $2.20 or $2.00 zones. The $2.50 mark coincides with the lower trendline of the rising wedge, making it a critical level for WIF’s near-term performance. Liquidation heatmap As of press time, dogwifhat was trading below $2.60, with $675,000 worth of perpetual futures contracts in play for liquidations at this level. If the price moves just two cents higher, liquidations could rise to $790,000, making the $2.70 zone a potential target. Price movements tend to follow high liquidity areas, so this could push WIF higher. Source: Coinglass On the downside, a move to the $2.40 zone could trigger liquidations worth $824,000, potentially pushing the price further down to $2.00. This would also represent a retest of a broken double top pattern on the daily…

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Filed under: News - @ October 18, 2024 10:24 am