Dogwifhat’s WIF Eyes 15% Leap Amid Bull Pennant Breakout

A recent technical breakout in the Dogwifhat (WIF) market may raise its price by another 15% by the end of July, supported further by Donald Trump’s keynote at a Bitcoin conference around the same time.

WIF Technical Analysis: Bull Pennant Breakout Underway

As of July 20, WIF’s price was stabilizing around $2.50 following a 70%-plus rebound from its local low of around $1.49.

The memecoin’s gains appeared primarily due to the assassination attempt on former United States President Donald Trump, which has boosted his odds of winning the November U.S. presidential elections. Trump is pro-crypto, a reason why Dogwifhat and the broader crypto market have rallied substantially in the past week.

These strong fundamentals have triggered a breakout scenario in the Dogwifhat market. Notably, the WIF price has entered the breakout stage of its prevailing bull pennant pattern, characterized by the formation of a triangle-like consolidation structure in an uptrend.

As a rule, a bull pennant breakout leads the price to the level at length equal to the previous uptrend’s height. Applying the same principle on WIF’s four-hour chart—therefore—brings its upside target to around $2.95, over 15% from the current price levels.

The golden cross observed on the chart adds to the bullish sentiment. This occurs when a shorter-term moving average crosses above a longer-term moving average. In this case, the 50-4H exponential moving average (50-4H EMA; the red wave) has closed above the 200-4H EMA (the blue wave).

The previous occurrence of a similar golden cross in May 2024 had preceded a 40% WIF price jump.

WIF Gains Expected Sometime Around Trump’s Bitcoin Conference Speech

Donald Trump will most likely play a key role in boosting the crypto market’s upside sentiment in the coming days, which may indirectly benefit risky memcoins like Dogwifhat.

Notably, Trump will headline a fundraiser in Nashville on July 27 on the sidelines of Bitcoin 2024, one of the U.S.’s biggest crypto conferences. In doing so, he will deliver a keynote at the conference, with the content of his speech more likely to be about introducing friendlier crypto regulations in the United States.

Independent U.S. presidential election nominee Robert F Kennedy Jr., Ark Invest Founder and CEO Cathie Wood, and MicroStrategy’s Founder Michael Saylor will also speak at the conference.