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Could $WELF Rally to $3.70? The $2.75 Threshold Holds the Answer
The cryptocurrency market has been filled with uncertainty lately, but recent price action of WELF (WELF) has sparked renewed interest and speculation among traders and investors. A potential double-bottom pattern is forming on the charts, hinting at a bullish reversal. However, this theory hinges on a crucial threshold that will determine the asset’s short-term trajectory: the $2.75 resistance level.
The proposed double bottom pattern is characterized by two valleys nearly identical in price, with a median hump in between. In the case of WELF, it is essential to watch for the price action to break above this critical level, as its breach would signal that the reversal has taken hold and validate the completion of the right side of the pattern.
Should WELF manage to conquer the $2.75 barrier, analysts predict a significant rally, targeting a price range between $3.50 and $3.70 based on historical resistance zones. This outcome would be welcomed news for investors, as it would align with broader market sentiments.
On the other hand, failure to overcome this hurdle could lead to further consolidation or even an extension of the bearish trend, potentially dampening the mood among traders. It is essential to exercise caution and patience in this environment, as the outcome at $2.75 will likely dictate the short-term trajectory of WELF.
WELF forms a double-bottom pattern
Source: cryptonewsland.com
