The crypto markets have turned bullish due to the speculations of them being at the foothills of the next bull run. Bitcoin has surpassed $64,000, raising bullish momentum within the market; hence, the price of memecoins like dogwifhat (WIF) has just begun to swell. Therefore, the price is poised to mark the interim targets beyond $2, which may validate a rise from the bearish influence.
The start of the month was extremely bearish, with BTC prices dropping below $50,000. However, as the trade is heading towards the end of the month, the bulls appear to have regained their strength. Therefore, with a trend reversal, the WIF prices have displayed the possibility of forming a bullish pattern and hence a breakout may help the price break above the bearish range.
Ever since the WIF price failed to defend the highs, it has been trading within a descending parallel channel. The recent rebound is about to form a double-bottom pattern, which usually offers a fine base for an extended ascending trend. Besides, a slight rise may breach beyond the supertrend levels, which may flip the indicator to bullish. The rise in bullish volume is validating the continuation of an ascending trend.
On the other hand, the on-balance volume (OBV) has triggered a bullish reversal after hitting the bottoms. Hence, the WIF price is believed to maintain an ascending consolidation and reach the upper resistance above $2.2. If the bulls continue to hold the required strength, a new ATH beyond $5 could be imminent.
