The cryptocurrency market continues to show optimism, especially due to Ethereum and the rising asset Dogwifhat.
Market Situation
Currently, Ethereum (ETH) has become a market leader, increasing by 20% over the past week and trading around $3,600. This trend is positively impacting memecoins like Dogwifhat (WIF), which is showing signs of growth.
WIF Harmonic Pattern
On the daily chart, WIF is forming a **Bearish ABCD pattern**. Despite its name, this model may support a bullish trend during the **CD phase**, leading to new highs. The model started forming at point A near $0.3046 in April, reached point B at $1.3916, and then retraced to point C at $0.6360 in late June.
Dogwifhat (WIF) Prospects
If the bullish trend holds, WIF could rise another 62% to a target level around $1.72. Traders are advised to monitor for any signs of selling pressure at this resistance zone while the current structure remains supportive of further growth as long as WIF remains above the 200-day moving average ($0.8530).
The overall positive trend in the cryptocurrency market could support WIF's continued growth, although caution is needed near potential reversal levels.
