Recently, the increased interest on dogwifhat (WIF), a meme coin belonging to the Solana (SOL) ecosystem, has attracted the attention of many analysts. One of these analysts, Bluntz, took a rather optimistic view of WIF’s future.
Bluntz’s to the analysis According to the report, WIF could gain strong bullish momentum by breaking the $0.47 level, which has been a historically important resistance level and is currently seen as a major hurdle. Bluntz suggests that it may enter an irreversible uptrend after this point. As he puts it, “WIF’s next rise will be turbo parabolic.” So, after breaking the $0.50 resistance level, we may see a significant rise in the price of WIF.
According to Bluntz’s analysis, the meme coin price appears to have formed a descending channel chart with a move towards the lower boundary. This may indicate that the price may make an upward movement in the near future. Moreover, WIF’s price seems to have formed a support level near $0.289, which coincides with the 68.2% Fibonacci retracement level, the analyst noted. This shows that even if the price declines, it can find support at a certain point. The Fibonacci retracement level is a technical analysis tool used to identify areas where price may reverse.
WIF has gained 7556% from its December 13 price of $0.00478 and is trading at $0.366 at press time.
You can follow the current price movement here.
