The traders appear to have been fascinated with the growth of the memecoins as they continue to prosper regardless of the ongoing market trend. Once again, Pepe initiated a strong bullish trend that shook up the entire crypto space, specifically the memecoins. Since then, a majority of them have swelled, with significant gains inducing the dogwifhat (WIF) price and hence the trend is expected to remain elevated for some more time.
After breaking above the decisive symmetrical triangle, the WIF price remained heavily elevated, gaining more than 30% and has reached close to $4, just 12% away from the highs. Considering the current market trend, it appears that the bulls may hold a tight grip over the rally, which may help the price test the current ATH very soon.
The latest push has assisted the rally in testing one of the key resistance levels after surpassing the range in the past couple of days. The RSI is displaying some bearish divergence before reaching the upper threshold and hence a minor pullback could be possible before validating a breakout above the range. However, even after the breakout, the price is believed to remain consolidated along the resistance for a while.
To certify a bullish breakout close to the current ATH around $4.65, the price is required to close the daily trade above the ascending trend line at around $4. The market sentiments continue to favour crypto as the volume remains under bullish influence. Therefore, the WIF price is expected to remain elevated in the next few days. By the end of the month, the dogwifhat price could initiate a fresh bullish push towards new highs above $5.
