LIVE
Forecasting the DogWifHat Price as #WIF Reaches $4 Billion Market Cap — Is $WIF Going to Surpass Dogecoin?
A month after reaching a market worth of $4 billion, the price of #Dogwifhat (WIF) is retracing significantly.
According to CoinMarketCap, the price of Dogwifhat dropped roughly 4% in the last 24 hours, and it was last trading at $3.51.
With a decline of more than 25% from its heights last month, the market valuation of the Solana meme currency is now about $3.5 billion.
Speculation of a potential retest of the 21DMA is now dominating the Dogwifhat bears' minds. Starting in late February, this level has provided solid support.
However, the Dogwifhat price is now trying to find a floor near the $1.50 level, which was its high point in the middle of March.
If a sufficient number of buyers re-enter the market, the bears may never achieve their goal of testing the 21DMA.
There's no assurance of a rapid recovery since investors are cashing out in preparation for Bitcoin's halving this month.
However, Dogwifhat's longer-term price risks are still heavily skewed in its favor. This means that price forecasts will probably continue to be optimistic.
Where Will Dogwifhat's Price Go From Here?
It is possible that WIF might fall all the way to support around $2.0 if it breaches south of its 21DMA and mid-March highs.
From where things are now, it may indicate a further decline of over 45%. However, crypto investors will inevitably purchase the drop at some point since the market as a whole is still in a bullish position.
DogWifHat Price Prediction: Will WIF Surpass Dogecoin Now That It Has Reached $4 Billion in Market Cap?
And when contrasted with joke currency heavyweights like Dogecoin, WIF's market valuation is still very small, despite all the buzz.
Last time we checked, Dogecoin's market value was little over $25 billion, according to CoinMarketCap. Assuming WIF to eventually surpass Dogecoin is a reach.
However, WIF has the potential to have a market worth in the tens of billions at some point.
