Dogecoin ($DOGE) and dogwifhat ($WIF) are two tokens currently on the radar of enthusiasts and traders owing to their stellar performance in critical technical patterns. The recent posts from analysts have raised the hopes of potential price movements coming for both tokens in the near term. Several analysts perceive that Dogecoin will be in another bull run soon, and WIF is at an important resistance level.
Dogecoin’s Familiar Pattern Suggests a Potential Bull Run
Dogecoin has repeatedly shown a tendency to break out from long-term descending triangles, followed by a substantial surge in value. For instance, Dogecoin experienced a 200% price increase after a breakout from a multi-year triangle, after which the price was retracted by 60%. This pattern may be in the midst of forming again. Some analysts’ views are that it is just a matter of time before Dogecoin enters another bull run after retracing 65% in recent months. This pattern, which is observed across several cryptocurrencies, is usually followed by a rally in price as the selling pressure eases and buyers take over.
History often repeats itself, and #Dogecoin might be doing just that.
— Ali (@ali_charts) October 6, 2024
A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run.
After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V
In a recent post by Ali, a crypto analyst, a multi-year descending triangle formation was highlighted for Dogecoin. The chart showcased key data points, reflecting how Dogecoin historically broke out from a downward trend, saw a surge, and then corrected before a longer-term rally took place. Ali emphasized that after the latest 65% pullback, Dogecoin might be on the verge of a significant breakout, similar to what occurred in the past.
Whales Buy Over 1 Billion DOGE Amid Price FluctuationsWIF Faces Key Resistance Level
Meanwhile, CrediBULL Crypto shared an analysis of WIF ($WIFUSDT), highlighting a potential bearish reversal at a key resistance level. According to the chart, WIF has been consolidating around the $2.67 level after a recent rally. The analyst points out that the price has tested this resistance zone multiple times. The post mentions that WIF could “remove its hat” at this level, indicating a possible sharp decline if the resistance holds.
Let's run it back. $WIF#dogwifouthat https://t.co/NP9WdMV96O pic.twitter.com/vs9P1uOHkd
— CrediBULL Crypto (@CredibleCrypto) October 7, 2024
The chart suggests that if WIF breaks down from its current price level, it could head toward its 100% retracement level at $1.075. Traders will be watching this resistance zone closely for signs of a reversal or a breakout. A failure to break through this level could lead to a significant correction in WIF’s price, as per the technical analysis.
Both Dogecoin and WIF traders are preparing for potential market shifts based on these technical patterns. Traders are advised to keep an eye on these levels as history may repeat itself in the volatile world of cryptocurrency.
