Published on juli 1, 2024, 12:27 pm
Image source: Fox News
```json [ "TLDR: Dogwifhat (WIF), a memecoin on Solana, surged by 16% to $2.34 on July 1 following a BARR bottom pattern breakout. WIF is nearing its $2.81 target with potential resistance at $2.37. Positive market sentiment due to Solana ETF applications like 21Shares' filing with the SEC could lead to increased institutional investments. Other Solana memecoins also showing upward trends. Investors should be cautious and research thoroughly before entering volatile crypto markets." ] ```
The cryptocurrency world has been abuzz with the recent surge in Dogwifhat (WIF), a Solana-based memecoin that has seen an impressive 16% spike in its price, reaching $2.34 on July 1. This surge follows a notable 60% increase from its recent lows of $1.47 just a week prior.
What’s catching the attention of crypto enthusiasts is WIF’s participation in a bullish technical pattern known as the Bump-and-Run-Reversal (BARR) bottom pattern since June. As of July 1, WIF has entered the breakout phase of this pattern, positioning itself around 25% below its primary target of approximately $2.81.
The BARR bottom pattern typically unfolds in three stages: the lead-in phase, bump phase, and run phase. In this case, WIF is navigating through these phases with potential resistance around the $2.37 mark from its 200-4H exponential moving average.
It’s interesting to note that historical data indicates BARR bottom patterns like the one WIF is displaying have had a success rate of around 76% in meeting their upside targets – a statistic veteran analyst Tom Bulkowski highlights.
Moreover, the recent excitement surrounding Solana ETF applications, particularly by entities like 21Shares filing for an S-1 application with the U.S. Securities and Exchange Commission (SEC) on June 28th, has injected considerable optimism into the market.
This positive sentiment over potential ETF approvals could pave the way for increased institutional investments and wider adoption of Solana and other related projects like WIF. With similar memecoins such as Bonk (BONK), Book of Meme (MEME), and PopCat (POPCAT) experiencing upward trends as well, there’s growing anticipation for further price increases within the Solana ecosystem.
While these developments present exciting opportunities for investors and traders alike, it’s crucial to remember that all investment decisions carry risks. It’s advisable for individuals to conduct thorough research before entering into any financial ventures in this volatile market landscape.
Original article posted by Fox News
