Donald Trump's election as President of the United States is one of the biggest catalysts for the cryptocurrency market this year. The meme coin market has largely benefited from the recent bullish sentiment in the cryptocurrency industry, and the price of Dogwifhat (WIF) has also surged rapidly.
Although this bullish momentum has caught the attention of traders and other market participants, some investors remain cautious, anticipating a brief pullback. However, a prominent cryptocurrency analyst believes that now is the time to buy and has made bold predictions for the price of Dogwifhat.
The Solana-based Meme Coin Dogwifhat is set to rise by 20% — details are as follows
In an article on platform X on November 9, cryptocurrency expert Ali Martinez shared an exciting analysis of the WIF price, explaining that the meme coin may not be done yet. Based on recent price trends, the Dogwifhat token seems poised for continued upward movement.
The reasoning behind this prediction is the formation of a bullish flag pattern on the 4-hour chart. A bullish flag pattern is a chart pattern used in technical analysis, characterized by a significant price increase (the flagpole) followed by a period of consolidation or slight decline (the flag).
Bullish flags typically serve as strong continuation patterns for upward price trends. However, it is important to pay attention to price breakouts of the flag's upward trend to confirm the continuation of the trend prediction.
As shown in the above chart, the price of Dogwifhat appears to have broken through the flagpole, indicating that the upward trend may continue. If this breakout is successful, it is noteworthy that breakouts typically replicate the length of the initial flagpole.
Using the first flagpole as a template, Martinez sets the target price for the Solana-based meme coin at $2.84, a 20% increase over the current price.
WIF Price Overview
As of the time of writing, the price of Dogwifhat is approximately $2.40, having increased by 5.9% in the past 24 hours. This daily movement further enhances the meme coin's performance on a weekly basis, with a 14.6% increase over the past seven days.