A well-known cryptocurrency analyst who goes by the pseudonym Altcoin Sherpa has weighed in on the WIF (DogeWolfHat) cryptocurrency, which is up over 1,130% this year but has fallen over 30% in the past month.
The analyst told his social media followers (more than 210,000 people) that WIF may not have reached its low yet. He shared a price chart that shows technical levels and noted that he expects the WIF price to rebound. However, he added that he does not think this will be a general bottom and expects the price to continue to fall.
$WIF: This is a decent area in my opinion and I expect a rebound. However, I don't think this is the lowest value. Overall there has been a significant pullback and a decline is expected.
— Altcoin Sherpa (@AltcoinSherpa) June 19, 2024.
Based on his technical analysis of the coin's price chart, Altcoin Sherpa suggested that WIF could see a temporary rise to around $2.50 before falling back to the $1.26 level. This level was determined by the Fibonacci correction method.
At the time of writing, WIF was trading at $1.81 after hitting a record high of around $5 per token earlier this year. The meme-inspired cryptocurrency has grown exponentially this year. For example, one trader managed to turn a Solana-based memcoin worth less than $2,000 into more than $10.9 million over a three-month period.
According to the report, Altcoin Sherpa recently reiterated its bullish outlook on Ondo Finance (ONDO), a digital asset with a market capitalization of $1.6 billion. ONDO's value has increased by more than 1,400% since the beginning of the year.
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