In the crypto space, a new contender emerged, capturing the attention of investors. Dogwifhat (WIF), a Solana-based token inspired by the iconic meme of a dog wearing a pink knitted cap, has defied expectations and secured its position as the third-largest meme coin by market capitalization. With a meteoric rise that has left analysts and traders in awe, WIF’s journey serves as a testament to the power of memes and the unpredictable nature of the crypto market.
Dogwifhat’s performance has been nothing short of remarkable. Starting the year trading at a mere $0.07, the token quickly gained traction, closing close to the $1 mark by the end of February. However, it was in March when WIF truly took the crypto world by storm, breaking all-time highs and reaching a staggering $4.85. This astonishing surge represented a mind-blowing 7,073% gain in less than three months, leaving even the most seasoned traders speechless.Dogwifhat (WIF) currently trades at $2.92, with a 24-hour decline of 0.85% and a 7-day surge of 15.99% as of writing. Boasting a market cap of $2.9 billion and ranking 38th, WIF’s 24-hour trading volume stands at over $410 million, but a 28% drop in trading activity in the last 24 hours.
Dogwifhat Price Chart: CoinMarketCap
WIF Technical Analysis
Dogwifhat’s weekly chart tells a captivating story of a bullish trajectory that began in January and persisted until the end of March. However, the bullish ride took a bearish turn as the token became trapped in a downward trend. Despite this setback, the resilient token found support at the $1.9628 level on April 13th, marking a 59% correction.
On the daily timeframe, WIF’s price action has been a tug-of-war between bulls and bears. After finding support at $1.9628, the token attempted to stabilize, trading bullish but facing rejection twice at the $3.54 resistance zone. This resistance level also forms the right shoulder of a potential head-and-shoulder pattern, signaling a potential reversal and bearish trend if the bulls fail to muster sufficient momentum. Also, a bearish flag is building, adding more confluence on continued bearish momentum potential.
WIFUSD Daily Chart: TradingView
Zooming in on the 4-hour chart, WIF appears to have formed a bullish pennant, breaking out on May 4th and is currently testing the descending trendline support as a retest. If this support holds, the token could rally to test the $3.54 right shoulder resistance once again. However, if the support fails, prices could plummet towards the ascending trendline or the neckline of the head-and-shoulder pattern at $1.9628.
WIFUSD 4-Hour Chart: TradingView
The battle between bulls and bears continues on WIF. If the bulls can maintain the price above the critical $3.54 resistance level, they will gain a stronger foothold and drive further upward momentum. However, if the bears succeed in pushing the price below the $1.9628 neckline, it would signal their victory in this tug-of-war, potentially leading to fading gains and a bearish trend in the near future.
WIF Price Predictions
According to market analysts, WIF’s near-term future remains uncertain, with the potential for a decline to $2.23 and $1.96 neckline in a worst-case scenario. However, should WIF retreat to these levels, investors who seize the opportunity could profit substantially when the uptrend resumes if a bullish confirmation is witnessed there. Looking ahead to 2024, while short-term fluctuations may see the price dip below $2.0 in bearish momentum, the broader outlook suggests a bullish trajectory, with forecasts indicating a potential surge beyond $15.
Considering a bullish phase, it’s fair to anticipate WIF to hit $20 by 2025, potentially exceeding its previous highs from 2024. Historically, bull markets tend to last beyond a year following Bitcoin’s halving events, offering opportunities for assets like WIF to soar.
