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- Dogwifhat (WIF) surged amid the crypto market correction, defying the trends set by major cryptocurrencies.
- Analysts predict a strong bullish breakout for Dogwifhat, signaling a potential rise in popularity among meme tokens.
The meme coin Dogwifhat (WIF) resisted the overall crypto market drop at the beginning of October, rising to the top ten gainers for the day.
As of this writing, WIF is trading at roughly $2.51, up 3.16% over the last 24 hours, deviating from the negative trend of major cryptocurrencies such as BTC, which has once again fallen below the $64,000 level.
Analyst Predicts Major Breakout for Dogwifhat
What makes this spike even more significant is the bullish market structure that WIF is currently displaying. Popular analyst Captain Faibik has provided an even more upbeat technical forecast for this dog-themed meme coin.
According to Faibik’s analysis, WIF has successfully executed a Descending Channel upside breakout on the daily timeframe, indicating a potential surge of more than 170%, which could propel WIF to a new all-time high (ATH).
$WIF Descending Channel Upside Breakout is Confirmed on the Daily timeframe Chart..✅
Send it to the New All time High..📈#Crypto #WIF #WIFUSDT pic.twitter.com/tDBPTRKDmE
— Captain Faibik 🐺 (@CryptoFaibik) September 30, 2024
This is not the first time Dogwifhat has piqued the market’s interest. An earlier CNF report highlighted that Dogwifhat, along with other meme tokens such as Dogecoin and Bonk Inu, lead the meme token market, reflecting significant growth despite recent market declines.
Many analysts are interested in the endurance of these meme coins, especially since they continue to outperform despite the larger market volatility.
Beside that, as we previously noted, analysts had earlier predicted that Dogwifhat, along with Bonk and FLOKI, would reach major levels in the first week of October after breaking through their downtrend lines. This is consistent with Faibik’s analysis, reinforcing WIF’s status as a token to monitor in the coming days.
