- $WELF’s chart suggests a potential bullish reversal, pending confirmation at the $2.75 resistance level.
- The $2.75 threshold is key to validating the double-bottom pattern and signaling further recovery.
- A breakout above $2.75 could push $WELF towards $3.50–$3.70, but failure may lead to continued bearish sentiment.
The cryptocurrency $WELF is showing signs of a potential bullish reversal as its price action hints at forming a double-bottom pattern, a widely recognized technical signal. This particular pattern can clearly be seen from the chart, a possibility that suggests $WELF might be en route to a period of recovery after having suffered an extended period of decline.However, the confirmation of this pattern hinges on a crucial level that traders and investors are closely watching.
Key Level to Watch: $2.75
The double bottom pattern is a reversal formation where there are two valleys, nearly at the same point with a median hump in between. Therefore, for $WELF, the resistance level of $2.75 appears to be the one to breach on the upside. If the prices are able to break above this level the double bottom pattern indicates that it has been completed and that there is potential for enhancement of the upward runs.
As shown now, $WELF is probably in formation of the second bottom with price conducting a test on the recent lows. Researchers stress that to support social confirmations, flipping $2.75 is crucial for affirming an overthrow signal. And if it does not rise above this level then, $WELF may suffer further consolidation or a possible extension of the bearish trend.
Possible Outcomes and Implications
Should $WELF manage to break above the $2.75 mark, analysts project the next target range between $3.50 and $3.70, based on historical resistance zones. This would mean a good recovery for the asset under consideration going with the rest of the market sentiments.
Lower price candle below the recent low regrets the double-bottom signal and indicates that the bearish trend is still dominant in the market.The discovery of a double-bottom pattern at a time of market optimization has attracted public attention to $WELF. This technical formation shows that such a reversal is possible; therefore, further confirmation is necessary.
As $WELF approaches this pivotal moment, traders are urged to exercise caution and patience. The outcome at the $2.75 level will likely determine the asset’s short-term trajectory, making it a critical juncture for market participants.
The post Could $WELF Rally to $3.70? The $2.75 Threshold Holds the Answer appeared first on Cryptonewsland.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed