The 2024 bullish rally has fueled the resurgence of the cryptocurrency market throughout the previous few weeks. Memecoins haven’t been the exception, with cash like BONK lately seeing a rally.
Nonetheless, the memecoin market has confronted a pullback within the final couple of days, with a few of the greatest memecoins, like DOGE and SHIB, exhibiting purple numbers. Regardless of this, an analyst predicted huge good points for dogwifhat (WIF) holders amid the momentary market slowdown.
Dogwifhat May Attain $1 In Its Subsequent Leg Up
In accordance with the pseudonym dealer and analyst Bluntz, dogwifhat may very well be making ready for a large worth upsurge quickly. On February 10, the analyst forecasted the Solana-based cryptocurrency would attain $1.
The dealer reaffirmed this prediction in a Tuesday X (former Twitter) publish by sharing an up to date WIF efficiency chart. The publish highlighted the token’s trajectory earlier than and after reaching its all-time excessive (ATH) worth of $0.47 on Valentine’s Day.
what if i informed you this subsequent leg on $WIF goes to be the one which goes turbo parabolic?
no extra pulling again at 50c resistance, that is going to be the push that goes loopy imo.
buying and selling this on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/5TIHXeaP3i
— Bluntz (@Bluntz_Capital) February 20, 2024
Because the chart reveals, the memecoin’s worth moved from the $0.20 worth zone to the $0.38 assist degree earlier than going through a pullback to the earlier zone. Within the following days, WIF adopted an identical path and climbed to its ATH of $0.47 earlier than retreating once more, this time to the $0.38 resistance degree.
Within the chart, the token reveals alerts of following the identical sample that led to the efficiency showcased on February 14. This implies to the analyst that, if current historical past repeats itself, the WIF’s worth might go “turbo parabolic” throughout this subsequent leg.
Moreover, the pseudonym dealer considers that this may very well be a push that may go “loopy” with “no extra pulling again at 50c resistance.”
Are Traders Nonetheless WIF Their Hats On?
Dogwifhat is a cryptocurrency based mostly on the favored 2019 meme of a Shiba Inu canine sporting a pink crochet hat. The meme started popularizing in social media, particularly on X, the place the eSports group started utilizing it as a profile image.
Final yr, the meme’s recognition resulted within the creation of a coin with the identical identify. The cryptocurrency has rapidly gained traction, and regardless of the ups and downs within the months since its creation, the token is presently among the many high 5 memecoins by market capitalization. The memecoin is the second-largest Solana-based memecoin, solely behind BONK.
As reported by a member of the WIF group, the dog-based cryptocurrency surpassed a complete of $2 Billion buying and selling quantity on February 19, solely 90 days after its launch.
Consequentially, whales have acknowledged the potential of the memecoin and began accumulating the token in giant quantities. On Monday, a whale purchased 32,149 WIF tokens at $0.38318, value round $12,318.9.
WIF and BTC efficiency within the final 7 days. Supply: CoinGecko
The memecoin has carefully adopted Bitcoin’s efficiency within the final 7 days, tracing an identical efficiency path to that of the biggest cryptocurrency, because the chart above reveals. Nonetheless, WIF has been down with the remainder of the memecoin market over the past week.
At writing time, the token is altering arms at $0.3265, a 5.4% worth lower in comparison with its buying and selling worth 24 hours in the past. Furthermore, the memecoin can be 29.02% decrease than its ATH, recorded 8 days in the past.
The token’s market capitalization is $321.2 million, accounting for a 5.13% lower within the final 24 hours. WIF is presently the 200th cryptocurrency by this metric.
Nonetheless, the memecoin’s buying and selling quantity has elevated 9% within the final day, signaling a current rise in market exercise for WIF.
WIF worth efficiency within the 1-day chart. Supply: WIFUSDT on TradingView.com
Featured picture from X.com, Chart from TradingView.com and CoinGecko.com
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