Date: Mon, Nov 11, 2024, 05:27 AM GMT
The crypto market is off to a roaring start this week, maintaining the bullish momentum ignited by Donald Trump’s election victory on Nov 5. Since then, Bitcoin (BTC) has been hitting new all-time highs almost daily, with the latest peak at a stunning $81,858.
As Bitcoin continues its stellar performance, Solana-based memecoins Dogwifhat (WIF) and Bonk (BONK) have joined in the rally, posting impressive gains after breaking through ley levels.
Let’s dive into the technical analysis and see what could be next for these popular tokens.
Dogwifhat (WIF)
WIF has surged past the $2.61 breakout level, which was a significant technical resistance point. This breakout occurred after a period of consolidation, where WIF had been trading in a downward channel, often referred to as a descending triangle pattern. This pattern suggests that the price was facing consistent selling pressure, but eventually, momentum shifted, causing the breakout above $2.61.
The next resistance level to watch is at $3.58. If WIF continues its bullish trajectory, we could see it challenge this resistance zone. However, a small pullback to retest the $2.90 support level is a typical feature after breakouts, as the price often consolidates before pushing further.
Bonk (BONK)
Similar to WIF, BONK recently broke above its key breakout level at $0.00002268, which marked the end of a falling wedge pattern. This pattern is often seen as a bullish signal because it shows that the price is consolidating in a narrowing range, with decreasing volatility and volume, before breaking out to the upside. The breakout above $0.00002268 indicates that the selling pressure has eased, and buyers have regained control.
BONK is now targeting the resistance levels at $0.00002953 and $0.00003392. The breakout pattern suggests that if momentum continues, BONK could easily make a run towards these levels, particularly if market sentiment remains positive
What to Expect Ahead?
Both WIF and BONK have recently broken key resistance levels, and with Bitcoin driving market sentiment upward, these tokens could see further gains. While a slight correction or consolidation phase might be expected, the general momentum seems to favor another upward push. As long as Bitcoin’s rally persists, WIF and BONK have a strong chance of reaching their next resistance targets.
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