Dogwifhat (WIF) is showing strong growth potential and could reach $2.95, more than 15% higher than its current price. A recent technical indicator, known as a golden cross, suggests that this upward trend might continue, similar to the 40% increase seen in May 2024.
Additionally, Donald Trump’s upcoming speech at the Bitcoin 2024 conference on July 27 is expected to boost overall crypto market sentiment, which could further help WIF’s performance. Overall, this recent breakout and positive market mood might drive WIF’s price up by another 15% by the end of July.
Dogwifhat (WIF) Market Update and Recent Developments
As of July 20, Dogwifhat (WIF) is stabilizing around $2.50 after a significant rebound of over 70% from its recent low of about $1.49. The recent gains are largely attributed to the assassination attempt on former U.S. President Donald Trump, which has increased his chances of winning the November presidential election. Trump’s pro-crypto stance has led to a substantial rally in Dogwifhat and the broader crypto market over the past week.
These strong fundamentals have created a breakout scenario for Dogwifhat. The WIF price has entered the breakout phase of a bull pennant pattern, which features a triangle-like consolidation structure within an uptrend.
Bull Pennant Breakout and Golden Cross Support for WIF Price Target
A bull pennant breakout typically drives the price up to a level equal to the height of the previous uptrend. Applying this principle to WIF’s four-hour chart suggests an upside target of approximately $2.95, which is over 15% higher than current levels.
WIF/USDT four-hour price chart. Source: TradingView
The bullish sentiment is further supported by a recent golden cross on the chart. This occurs when a shorter-term moving average crosses above a longer-term moving average. Specifically, the 50-4H exponential moving average (50-4H EMA) has recently moved above the 200-4H EMA.
A similar golden cross in May 2024 led to a 40% increase in WIF’s price, reinforcing the current bullish outlook.
Trump’s Influence on Crypto and Bitcoin 2024 Conference
Donald Trump is expected to significantly boost the crypto market’s positive sentiment in the near future, which could indirectly benefit risky memecoins like Dogwifhat.
Trump will headline a fundraiser in Nashville on July 27 and deliver a keynote speech at the Bitcoin 2024 conference, one of the largest crypto events in the U.S. His speech is anticipated to focus on promoting more favorable crypto regulations in the United States.
Other notable speakers at the conference include independent U.S. presidential nominee Robert F. Kennedy Jr., Ark Invest Founder and CEO Cathie Wood, and MicroStrategy Founder Michael Saylor.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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