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The 2024 bullish rally has fueled the resurgence of the cryptocurrency market during the last few weeks. Memecoins have not been the exception, with coins like BONK recently seeing a rally.
Nonetheless, the memecoin market has faced a pullback in the last couple of days, with some of the biggest memecoins, like DOGE and SHIB, showing red numbers. Despite this, an analyst predicted massive gains for dogwifhat (WIF) holders amid the momentary market slowdown.
Dogwifhat Could Reach $1 In Its Next Leg Up
According to the pseudonym trader and analyst Bluntz, dogwifhat could be preparing for a massive price upsurge soon. On February 10, the analyst forecasted the Solana-based cryptocurrency would reach $1.
The trader reaffirmed this prediction in a Tuesday X (former Twitter) post by sharing an updated WIF performance chart. The post highlighted the token’s trajectory before and after reaching its all-time high (ATH) price of $0.47 on Valentine’s Day.
what if i told you this next leg on $WIF is going to be the one that goes turbo parabolic?
no more pulling back at 50c resistance, this is going to be the push that goes crazy imo.
trading this on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/5TIHXeaP3i
— Bluntz (@Bluntz_Capital) February 20, 2024
As the chart shows, the memecoin’s price moved from the $0.20 price zone to the $0.38 support level before facing a pullback to the previous zone. In the following days, WIF followed a similar path and climbed to its ATH of $0.47 before retreating again, this time to the $0.38 resistance level.
In the chart, the token shows signals of following the same pattern that led to the performance showcased on February 14. This suggests to the analyst that, if recent history repeats itself, the WIF’s price could go “turbo parabolic” during this next leg.
Additionally, the pseudonym trader considers that this could be a push that will go “crazy” with “no more pulling back at 50c resistance.”
Are Investors Still WIF Their Hats On?
Dogwifhat is a cryptocurrency based on the popular 2019 meme of a Shiba Inu dog wearing a pink crochet hat. The meme began popularizing in social media, especially on X, where the eSports community began using it as a profile picture.
Last year, the meme’s popularity resulted in the creation of a coin with the same name. The cryptocurrency has quickly gained traction, and despite the ups and downs in the months since its creation, the token is currently among the top 5 memecoins by market capitalization. The memecoin is the second-largest Solana-based memecoin, only behind BONK.
As reported by a member of the WIF community, the dog-based cryptocurrency surpassed a total of $2 Billion trading volume on February 19, only 90 days after its launch.
Consequentially, whales have recognized the potential of the memecoin and started accumulating the token in large amounts. On Monday, a whale bought 32,149 WIF tokens at $0.38318, worth around $12,318.9.
WIF and BTC performance in the last 7 days. Source: CoinGecko
The memecoin has closely followed Bitcoin’s performance in the last 7 days, tracing a similar performance path to that of the largest cryptocurrency, as the chart above shows. However, WIF has been down with the rest of the memecoin market during the last week.
At writing time, the token is changing hands at $0.3265, a 5.4% price decrease compared to its trading price 24 hours ago. Moreover, the memecoin is also 29.02% lower than its ATH, recorded 8 days ago.
The token’s market capitalization is $321.2 million, accounting for a 5.13% decrease in the last 24 hours. WIF is currently the 200th cryptocurrency by this metric.
However, the memecoin’s trading volume has increased 9% in the last day, signaling a recent rise in market activity for WIF.
WIF price performance in the 1-day chart. Source: WIFUSDT on TradingView.com
Featured image from X.com, Chart from TradingView.com and CoinGecko.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
