The price of Dogwifhat (WIF), a memecoin based on Solana, surged by 16% in one day, hitting $2.34 on July 1. This follows a recent rise of 60% from its low of $1.47 a week ago.
The positive outlook for WIF in July is boosted by a rare bullish pattern and growing excitement around the Solana exchange-traded fund (ETF) application in the U.S.
Dogwifhat’s BARR Bottom Pattern Suggests 25% Gains
Dogwifhat has been forming a Bump-and-Run-Reversal (BARR) bottom pattern since early June. As of July 1, it has entered the breakout phase of this pattern, and is about 25% below its key target of around $2.81.
The BARR bottom pattern includes three stages: the lead-in phase, the bump phase, and the run phase. The Lead-in Phase is marked by a prolonged downtrend with lower highs and lows, creating a descending trendline.
In the Bump phase, the price sharply drops away from this trendline. The final Run phase sees the price begin to recover and break through the trendline established earlier.
Summary Review: Dogwifhat (WIF) has experienced a notable 16% price increase recently, reaching $2.34, and continues to show strong potential for further gains. This rise is supported by a bullish Bump-and-Run-Reversal (BARR) pattern and increasing interest in the Solana ETF. The BARR pattern, which indicates a potential 25% rise from current levels, adds to the positive outlook for WIF in the coming weeks.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
