Recently, the popular dog-themed coin Dogwifhat (WIF) has become a leader in the market recovery. In the early hours of Tuesday, the coin soared 12% and broke through the $1.6 price level. As it attempts to regain important support levels, many cryptocurrency analysts have begun to predict WIF's next target.
Dogwifhat drives Memecoin’s recovery
Dogwifhat (WIF) led the memecoin craze and became the focus of the first quarter. Riding on the market sentiment and expanding community support, the coin reached an all-time high of $4.83 at the end of March.
The period saw a 2,000% rally that attracted the attention of many crypto investors and even prompted a fundraising campaign to showcase memecoin at the Sphere in Las Vegas. However, market volatility has caused the token to fall more than 66% from its peak.
A wave of adjustments in August caused the price of WIF to fall by 28% to a six-month low of $1.1, and then began to rebound. The price has now returned to the level of early August, up 1% from a month ago.
After a pullback over the weekend, Dogwifhat’s price rebounded again, more than 12%, returning to the $1.5 support area. This wave of gains made it the third-highest gainer among the top 100 cryptocurrencies by market capitalization.
Additionally, WIF has become one of the top ten memecoins with the largest gains in the past 24 hours, followed by Popcat (POPCAT) and Floki (FLOKI), which have risen by 9.2% and 7.6%, respectively.
WIF price target is $2.2
As the price of Dogwifhat soared on Monday, some market analysts pointed out that if the support level of $1.51 can be maintained, it may drive WIF to continue to rise. Ameba analysis said that if it can successfully break through the downward trend line, WIF is expected to hit the next key point of $1.84.
Analysts further believe that this trend could push the price up to around $2.2. Similarly, The Cryptonomist also noted that a strong break above the $1.5 resistance level could lead to further price gains.
Bluntz, a cryptocurrency trader, paid special attention to the performance of Dogwifhat, noting that the token retested the $1.6 resistance on Monday night. He considered this move to be a "perfect channel retest" and was optimistic about the future trend.
Bluntz pointed out that the zigzag pattern a, b, c appeared on the chart of Dogwifhat (WIF), indicating that the price may surge to $2.4 after rebounding from the support level of wave c. Previously, he predicted that WIF may retrace to the support area around $1 before the next wave of rise.
At the time, the memecoin craze showed a macro five-wave impact pattern, followed by a, b, c zigzag adjustment, with the target range of wave c being between $1 and $2. Based on recent performance, Bluntz believes that investors are not ready for the upcoming V-shaped reversal.
However, cryptocurrency analyst Altcoin Sherpa warned investors to watch out for WIF’s short-term price volatility. While Sherpa acknowledged that the token had a “decent” performance at support levels, he said WIF was unlikely to reach its previous all-time highs in the short term.
Sherpa predicts that the price of WIF will continue to fluctuate and consolidate between $1.44-1.95, and advises holders to remain patient and wait for the market trend to resume. As of writing, WIF is trading at $1.53, up 5.5% in the past 24 hours.
