- An analyst has predicted that Dogwifhat (WIF) could hit and surpass the $2.5 mark.
- The analyst also predicted that MOG and PEPE Coin could join WIF in the impending rally.
Dogwifhat (WIF) dramatically increased by almost 3,088% from $0.06 in January to $4.8 in March, positioning its market cap at almost $5 billion. However, the asset took a nosedive and has since struggled to return to its peak due to negative price-determining factors and general market uncertainties.
According to our data, June was one of the worst months for the asset, as it plunged from $4.07 to $1.47, dragging WIF below the 61.8% Fibonacci retracement level. Fortunately, the broader market supply pressure eased this week as the price surged by 16% to rise to $2. For its intraday loss, analysts believe that it came from a bearish reversal from the downsloping trendline, which carries the current correction trend.
Analysts say the asset could drop to as low as $1.47 once a rebound fails. However, a successful control by bulls could return the price to its all-time high.
Amid the backdrop of this, whales are actively accumulating the asset with an on-chain data tracker, Lookonchain, showing that the largest holder of the asset recently spent 4.65 million USDC to purchase 2.3 million WIF for $2.03 per token. This has increased his holdings to 23.39M WIF ($49.6M), with a profit of around $83M.
Crypto Analyst Gives Bullish Assessment on Dogwifhat (WIF) and Other Memecoins
Regarding the positive side of the price movement, crypto analyst Altcoin Sherpa believes that a bounce back is imminent.
Speaking to his 217k followers, Sherpa disclosed that the meme coins are making a promising recovery following the recent market crash. Leveraging this, the analyst expects WIF to breach the $2.5 resistance mark in the short term, then proceed into the $3 zone. Alongside WIF, Sherpa also tipped MOG and PEPECoin for a bullish run.
Some memes are making a strong bounce from their local bottoms. WIF probably will go to at least $2.50, MOG is one of the stronger ones, and og PEPEcoin is at a solid bounce area (I own this one). Let’s see if these areas can be sustained.
At press time, MOG was trading at $0.00000188 after surging by 9% in the last 24 hours and 96% in the last seven days. Pepecoin was also trading at $3 at press time and had surged by 6.5% in the last seven days.
Speaking on the smart contract platform Solana (SOL), the analyst predicted that the price would rise back into the $170 zone. However, he believes another crash could take place and drag the price to a far lower point.
SOL: I think this goes higher overall. to be determined if this is ‘the bottom’; I kind of doubt it. I still think you get another shot at the lows again later.
At press time, SOL was trading at $140 after declining by 2.6% in the last 24 hours and 15% in the last 30 days. However, its seven-day gain remains positive, with a return of 3.8%.
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