The largest meme coin on Solana, Dogwifhat (WIF), has experienced a notable recovery over the past month, with its price climbing by 50%. However, technical analysis suggests that the coin may be heading for a correction. WIF formed a rising wedge pattern on the daily chart, indicating a potential downward trend reversal. The Money Flow Index (MFI) is also signaling a potential correction, as it is on the verge of slipping below the neutral line. WIF could struggle to break above $2.82, as it has been following a downward trend since July. Fibonacci retracement levels indicate that WIF could fall by 20%, reaching potential support at $2.08. A rebound to $3.11 is possible if the $2.33 support is defended by bulls.



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