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Solana meme coins have been outpacing the broader crypto market, with Dogwifhat leading the rally.
After creating a local bottom at $1.11, the WIF price has surged by nearly 150%, trading as high as high as $2.80.
However, the latest Dogwifhat price predictions from prominent crypto traders suggest that the meme coin could see considerable downside volatility in the short term. It is already down over 12% from Monday’s high, with a significant possibility of a larger correction.
Mid-caps like First Neiro On Ethereum and Popcat are currently outperforming WIF, with even low-caps like MEMEBET and STARS in high demand.
Dogwifhat Price Prediction – Experts Turn Bearish On WIF
Bluntz – one of the top traders on Bybit – is a noted WIF bull. He expects the top Solana meme coin to peak at $12 in this bull cycle.
Earlier this month, Bluntz predicted the Dogwifhat rally, citing a strong lower timeframe accumulation, bullish divergences on the hourly chart and a break in the downtrend structure.
Unsurprisingly, WIF recorded a 38% growth after his projection, bouncing from $2.12 to $2.8.
However, Bluntz has now signalled that this upside move has topped out and revealed that he has closed his long positions.
out for now, will reassess how the next dip unfolds pic.twitter.com/Ct00V0nJkO
— Bluntz (@Bluntz_Capital) October 7, 2024
In fact, he claims that the broad-based rally in crypto prices this week could have been a bull trap, citing a potential rally in the US Dollar and Bitcoin’s rejection from its 0.618 Fib resistance.
As per his chart, the US Dollar Index could jump to 108, which would likely result in strong sell-offs in risk-on assets like meme coins.
just out of curiosity what do you think happens to risk on assets and crypto if dxy goes to 108. https://t.co/EF1WfcFJLv pic.twitter.com/TvnYIunuGh
— Bluntz (@Bluntz_Capital) October 7, 2024
Bluntz isn’t the only prominent investor with a bearish Dogwifhat price prediction. CrediBULL Crypto – a smart money investor with over 420k X followers – expects the WIF price to see a sharp decline, potentially below the $1.075 mark.
Dogwifhat is now approaching some key resistance levels, which would decide its short-term price action.
For instance, the WIF price appears poised to test the 30-week Simple Moving Average at $2.40. Similarly, the 200-day SMA at $2.39 is also expected to be an important S/R level.
A breakdown below these would likely result in a test of the 4-hour EMA at $2 and the 99-day Smoothed Simple Moving Average at $1.94.
Are Low-Cap Meme Coins A Better Investment?
Dogwifhat is a large-cap meme coin and therefore shows a strong correlation with Bitcoin, as well as the broader macroeconomic outlook.
On the contrary, low-cap meme coins appear poised to continue their bullish trajectories. For instance, experts believe that First Neiro On Ethereum could hit the $1 billion mark sooner than expected.
It is currently trading at $0.0017 with a market cap of $725 million following a 50% growth this week.
Another small-cap meme coin Crypto All-Stars (STARS) is in high demand, having already raised over $2 million in presale funding.
The project has come up with a multi-token staking model, MemeVault, which is one of its unique selling points. Investors in top meme coins – including Dogecoin, Shiba Inu and Pepe – are also eyeing STARS, considering they can stake their existing coins and earn attractive passive income.
MemeVault will accept 11 meme coins to start with. Investors who stake STARS will receive thrice the rewards.
Owing to its unique value proposition and robust presale demand, smart money investors are bullish on Crypto All-Stars, with some eyeing up to 50x returns with it.
Prominent crypto influencers are also bullish on Memebet Token (MEMEBET), the native cryptocurrency of Memebet Casino.
With over 1,000 buyers already, the MEMEBET presale has raised over $350k in the early stages. Crypto gambling enthusiasts have been impressed with the casino’s unique features, including its Telegram-based UI, integration with top meme coins and attractive monetary perks.
Owing to the high upside potential of the GambleFi sector in the upcoming bull market, as well as MEMEBET’s unique features, some experts are calling it the next 100x crypto.
*Cryptonomist did not write the article or test the platform.
