A bullish rally into 2024 has fueled the cryptocurrency market’s restoration over the previous few weeks. Memecoin is not any exception, and tokens like BONK have seen a current rally.
Nonetheless, the memecoin market has confronted a correction over the previous few days, with a few of the largest memecoins, akin to DOGE and SHIB, exhibiting pink numbers. Nonetheless, one analyst expects dogwifhat (WIF) holders to reap enormous good points amid a brief market slowdown.
Dogwifhat might hit $1 subsequent
In response to pseudonymous dealer and analyst Brentz, dogwifhat could also be getting ready for a big worth enhance quickly. On February 10, analysts predicted that the Solana-based cryptocurrency would hit $1.
The dealer reiterated the prediction in a Tuesday X (previously Twitter) publish, sharing an up to date chart of WIF efficiency. The publish highlighted the coin’s trajectory round Valentine’s Day when it reached an all-time excessive (ATH) of $0.47.
What if I advised you your subsequent cease? $WIF Will or not it’s turbo parabolic?
No extra pullbacks on the 50 diploma resistance stage, which for my part can be a wild push.
Commerce on bybit 👇 https://t.co/zHX9WYRMOM pic.twitter.com/5TIHXeaP3i
— Bluntz (@Bluntz_Capital) February 20, 2024
As proven on the chart, memecoin’s worth rose from the $0.20 worth space to the $0.38 help earlier than retracing again to the earlier space. Over the following few days, WIF adopted an analogous path, climbing to an ATH of $0.47 earlier than falling again once more, this time in direction of resistance at $0.38.
On the chart, the coin reveals alerts that comply with the identical sample it carried out on February 14. This means to analysts that if current historical past repeats itself, WIF’s worth might see a “turbo parabola” in its subsequent part.
Moreover, the pseudonymous dealer believes this might be a “loopy” push and “no extra pullbacks at 50 diploma Celsius resistance”.
Are buyers nonetheless hesitant?
Dogwifhat is a cryptocurrency based mostly on a preferred meme from 2019: a Shiba Inu carrying a pink crochet hat. The meme began trending on social media, particularly on X, the place the esports neighborhood began utilizing it as a profile image.
Final yr, the meme’s recognition led to the creation of a coin of the identical identify. The cryptocurrency rapidly gained traction, and regardless of experiencing ups and downs within the months since its creation, the token is now among the many high 5 meme cash by market capitalization. memecoin is the second largest Solana-based memecoin, after BONK.
as report A member of the WIF neighborhood mentioned the dog-based cryptocurrency’s whole buying and selling quantity exceeded $2 billion on February 19, simply 90 days after its launch.
In consequence, whales have acknowledged the potential of memecoins and began accumulating the token in massive portions.Monday, a whale purchase 32,149 WIF tokens at a worth of $0.38318, price roughly $12,318.9.
WIF and BTC efficiency within the final 7 days. Supply: CoinGecko
Memecoin has intently adopted Bitcoin’s efficiency over the previous seven days, with a efficiency trajectory much like that of the biggest cryptocurrency, as proven within the chart above. Nonetheless, WIF fell final week together with the remainder of the memecoin market.
On the time of writing, the coin is altering arms at $0.3265, which represents a 5.4% worth drop in comparison with the place it was buying and selling 24 hours in the past. Moreover, memecoin’s worth can be 29.02% decrease than the ATH recorded 8 days in the past.
The token has a market capitalization of $321.2 million and has fallen 5.13% previously 24 hours. WIF is at present 200th Cryptocurrencies calculated by this indicator.
Nonetheless, memecoin’s buying and selling quantity elevated by 9% within the final day, indicating that WIF’s market exercise has elevated not too long ago.
WIF worth efficiency within the 1-day chart. Supply: WIFUSDT on TradingView.com
Featured photographs from X.com, charts from TradingView.com and CoinGecko.com
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