đ„đ„đ„ #dogwifhat ($WIF ) Sees 60% Weekly Surge But Analyst Warns Of Potential Retrace
Dogwifhat (WIF) Recovers Amid Potential Retracement Warnings
Overview:
- Dogwifhat (WIF), a Solana-based dog-themed #Memecoinđ€đ€ , has rebounded from below $2, now testing the $2.5 resistance level. Despite positive movement, analysts warn of potential retracement.
WIF's Resurgence:
- WIF delivered over 2,000% returns in Q1 2024, reaching an ATH of $4.8 in March but dropping 45% since. Despite this, investor sentiment remains bullish. Asad Saddique, CTO of Cryptonary, noted WIF's resilience, with multiple corrections over 70%, and recently surpassed Arbitrum to become the 38th largest cryptocurrency by market cap, now at $2.5 billion.
Market Predictions:
- Crypto trader Bluntz predicts a potential fall to the $1 range, anticipating a retracement before a parabolic run to a new ATH. WIF dropped from $2.6 to $1.51 but rebounded by 60% weekly and 25% monthly, reclaiming the $2 support.
Future Outlook and Cautions:
- WIF has surged 8% in the last 24 hours, trading at $2.54. Analyst Hornhairs suggests maintaining above $2.2 could lead to retesting $3. However, analyst CrediBull warns of potential 40% drops if Bitcoin fluctuates, indicating WIF might revisit recent lows.
Conclusion:
WIF's recovery is promising, but potential retracements loom. Investors should stay informed and cautious, considering broader market trends and Bitcoinâs performance.
Source - newsbtc.com
