Memecoins on the Move: BONK Surges as dogwifhat (WIF) Hints at Potential Breakout – Key Indicators to Watch
The cryptocurrency market is witnessing a surge in memecoins with BONK and dogwifhat (WIF) grabbing attention for their promising technical setups. Analysts benjamin and Sjuul from AltCryptoGems have shared their insights, highlighting the potential for these assets to continue their upward trajectory.
What you'll learn 👉
BONK: A Cup and Handle Breakout
According to Sjuul from AltCryptoGems, BONK has been on an absolute tear since its cup and handle pattern breakout. “BONK absolute sending! Since the cup & handle breakout is up only. 40% up and still going. Congrats if you took the call with me,” Sjuul tweeted.
The cup and handle pattern is a bullish technical formation that signals a potential continuation of an uptrend. Consequently, BONK’s successful breakout from this pattern suggests that the cryptocurrency could continue its upward momentum.
CoinMarketCap data confirms BONK’s performance, with the asset trading at $0.000026 and up 10.61% in the last 24 hours. This significant price increase aligns with Sjuul’s analysis, reinforcing the potential for further gains.
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Show more +WIF: An Inverse Head and Shoulders Formation
benjamin, another crypto analyst, highlighted the promising chart setup for WIF. “WIF $WIF has formed a perfect chart, showing a descending trendline that it’s following closely. Additionally, it has formed an Inverse Head and Shoulders pattern simultaneously. If it breaks the resistance and holds above it, it will attempt to retest the ATH and potentially reach a new ATH,” benjamin stated
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The Inverse Head and Shoulders pattern is a bullish reversal pattern that signals a potential trend reversal from a downtrend to an uptrend. Moreover, benjamin noted that WIF has formed this pattern while following a descending trendline closely, adding to the significance of the setup.
According to CoinMarketCap, WIF, is currently trading at $3.04 and is up 5.34% in the last 24 hours. If WIF breaks through the resistance level and holds above it, as benjamin suggested, the asset could potentially retest its all-time high or even reach a new ATH.
The analyses provided by benjamin and Sjuul suggest potential bullish trends for the memecoins WIF and BONK. While WIF exhibits an Inverse Head and Shoulders pattern hinting at a potential breakout and retest of its ATH, BONK has already experienced a significant surge following a cup and handle breakout.
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