Solana Meme Coin Dogwifhat (WIF) Prepares a Wedge Breakout Run as It Exceeds a Triangle Pattern in the 4-Hour Chart. Will This Lead to a Price Jump to $2?

Altcoins are gaining momentum, with the Bitcoin price above $57K. Amid the increasing buying pressure, meme coins rank at the top of the charts.

Solana meme coin Dogwifhat (WIF) is preparing for a breakout run, as it has already breached a triangle pattern in the 4-hour chart.

The meme coin is displaying a falling wedge pattern in the daily chart, which began during the correction phase in April 2024. WIF price faced several overhead reversals due to the resistance trendline.

During the correction phase, WIF dropped to a low of $1.07 from the 52-week high of $4.8571, indicating a seven-month decline of 77%. The meme coin is currently forming a double-bottom reversal with a baseline at $1.39.

The meme coin has surged 13.52% over the last two days, amidst increasing buying pressure. Currently, WIF is trading at $1.6824, with an intraday gain of 8.77%.

The MACD and signal lines have crossed over positively, leading to a surge in bullish histograms. Meanwhile, the daily RSI line is bullishly divergent in the double-bottom pattern.

Moreover, the momentum indicators are triggering a BUY signal for price action traders.

In the 4-hour chart, another significant price action signal is emerging, with WIF breaking out of a triangle formation and crossing above the 200-EMA.

The increasing bullish influence has led to a positive crossover of the 20 and 100 EMAs, with a crossover of the 50 and 100 EMAs likely to follow.

Based on Fibonacci levels, the WIF breakout rally is expected to reach the 23.60% or 38.20% Fibonacci levels at $2.04 and $2.52, respectively.

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