Date: Sat, February 15, 2025 | 01:43 PM GMT
The cryptocurrency market is showing signs of recovery this week, with major memecoins bouncing back after weeks of correction. Bitcoin dominance has dropped by 1.80% over the past seven days, creating room for altcoins and memecoins to regain strength.
Among Solana-based memecoins, Popcat (POPCAT) and Dogwifhat (WIF) have become prime examples of the extreme volatility in the memecoin narrative. Both coins have dropped over 70% in the past two months, but they are now hinting at a potential trend reversal.
POPCAT has surged 15% in the last week, breaking a key resistance level, while WIF is showing signs of a similar breakout.
Popcat (POPCAT)
POPCAT faced a sharp correction after getting rejected from its November 17 high of $2.08, forming a falling wedge pattern. The recent drop pushed it to $0.16, where it found strong support and started rebounding.
The recent breakout occurred when POPCAT crossed the upper wedge resistance at $0.28, pushing the price to its current level of $0.31. However, it is now facing a 25-day SMA resistance and a horizontal resistance zone (marked in red on the chart).
If POPCAT manages to break above this resistance, it could continue its recovery, targeting the next key levels at $0.75 and $0.98.
Dogwifhat (WIF)
WIF’s daily chart displays a similar falling wedge pattern, formed after a rejection from its November 13 high of $2.83. The price dropped significantly, bottoming out at $0.55 before stabilizing.
Currently, WIF is trading at $0.69, approaching the upper wedge resistance. If it successfully breaks above this level and confirms the breakout with a retest, the next major resistance stands at the 25-day SMA. A confirmed breakout could push WIF toward $1.17 and $1.99 in the coming weeks.
Additionally, the MACD indicator is turning positive, signaling a potential bullish shift in momentum.
What’s Next?
POPCAT has already made a successful breakout but now faces a critical resistance zone. If it clears this hurdle, further upside is likely.
On the other hand, WIF is still within its falling wedge but is showing signs of a potential breakout. If confirmed, WIF could follow POPCAT’s recovery path and move toward higher resistance levels.
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