In our analysis conducted on Wednesday, we predicted that dogwifhat (WIF) was approaching strong support and the price could start to recover from the $1.54 level. It eventually bounced off the support and recovered more than 25%. The meme coin looks ready to continue its upward trend. But we need to consider the possibilities next.
Going forward, the price is likely to continue to rise and we may see another 20-25% increase. However, there is a strong resistance level around $2.3. This price level was a strong support level that was broken on June 17. Now it has become a potential strong resistance level.
If the price is unable to break through the resistance, then we might see it move back towards the $1.54 level. However, if the price of the meme coin breaks above this resistance, then WIF should move into the next consolidation area between $2.4 and $3.4.
In situations where market sentiment is very strong and the broader market is rising, prices may recover quickly and continue to rise strongly.
BONK reaches make or break level
BONK behaves differently as the price action shows an inverted head and shoulders pattern while also showing a correct head and shoulders pattern.
The price is currently bullish, having bounced off the shoulder of a proper head and shoulders pattern. However, it could still go in either direction. If the ongoing recovery continues, then we could see it rally to the head, around $0.000039 – which is also within a large consolidation area that started in March. Such a move would represent a gain of over 70%.
However, if it pulls back and breaks below the support, we could see a price drop of around 40% to $0.0000124. Therefore, the $0.000020 support level is crucial for medium-term price action.
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