Dogwifhat (WIF) Gains 60% Weekly, Analysts Warn of Possible Pullback

July 20, 2024 - The popular dog-themed coin Dogwifhat (WIF) has recovered from a break below the $2 support level this week, gaining more than 60%. Currently, WIF is testing the $2.5 resistance level and has replaced Arbitrum as the 38th largest cryptocurrency by market cap.

Although WIF has gained 8% in the past 24 hours, trading at $2.54, analysts warn investors of a possible pullback. According to Cryptonary CTO Asad Saddique, Dogwifhat has shown strong resilience after experiencing multiple pullbacks of more than 70%.

This week, WIF reached a market cap of $2.5 billion, showing strong market performance. However, analyst Bluntz is cautious about the future of WIF, predicting that it could fall to the $1 range. Nonetheless, Hornhairs analysts believe that as long as WIF stays above $2.2, it could retest the $3 resistance level.

Market observer CrediBull reminded that WIF's rebound may be affected by the trend of Bitcoin (BTC). If BTC falls, Dogwifhat may also fall. Analysts pointed out that although the current rebound is good, we still need to be wary of the potential 40% retracement risk.