Dogwifhat (WIF) Meme Coin Going as Predicted; Could Spike Another 25%: BONK Trading at Make-or-Break Support
In the analysis we did on Wednesday, we predicted that dogwifhat (WIF) was approaching strong support and the price could start to recover from the $1.54 level. It eventually bounced off the support and recovered by more than 25%. The meme coin is looking ready to continue the move. But we need to consider the next possibilities.
Going forward, the price could continue the rally, and we may see another 20–25% spike. However, there is a strong resistance at around $2.3. That price level was a strong support, which was broken on June 17. It has now become a potentially strong resistance.
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If the price is not able to break above the resistance, then we may see it return to the $1.54 level. However, if the meme coin’s price breaks above it, then WIF should enter the next consolidation zone between $2.4 and 3.4.
With very strong market sentiment and a rally from the broader market, the price could quickly recover and continue a strong rally.
BONK at Make or Break Level
BONK is playing out differently as the price action is showing an inverse header shoulder pattern and, at the same time, a proper head and shoulder pattern.
The price is currently bullish, bouncing off the shoulder of the proper head and shoulder pattern. However, it could still go in either direction. If the ongoing recovery is sustained, then we could see it rally to the head, which is around $0.000039—this is also within a large consolidation zone that started in March. Such a move will represent a more than 70% spike.
However, if it comes back to break the support, we could see a price dip of around 40% to $0.0000124. Thus, the support at $0.000020 is important for the medium-term price direction.
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