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Friday, May 24, 2024

New ATH For WIF? Analyst Thinks It Will Go “Turbo Parabolic”

The 2024 bullish rally has fueled the resurgence of the cryptocurrency market throughout the previous couple of weeks. Memecoins haven’t been the exception, with cash like BONK just lately seeing a rally.

Nonetheless, the memecoin market has confronted a pullback within the final couple of days, with a number of the greatest memecoins, like DOGE and SHIB, exhibiting purple numbers. Regardless of this, an analyst predicted large good points for dogwifhat (WIF) holders amid the momentary market slowdown.

Dogwifhat Might Attain $1 In Its Subsequent Leg Up

Based on the pseudonym dealer and analyst Bluntz, dogwifhat may very well be getting ready for a large value upsurge quickly. On February 10, the analyst forecasted the Solana-based cryptocurrency would attain $1.

The dealer reaffirmed this prediction in a Tuesday X (former Twitter) submit by sharing an up to date WIF efficiency chart. The submit highlighted the token’s trajectory earlier than and after reaching its all-time excessive (ATH) value of $0.47 on Valentine’s Day.

Because the chart exhibits, the memecoin’s value moved from the $0.20 value zone to the $0.38 assist stage earlier than going through a pullback to the earlier zone. Within the following days, WIF adopted the same path and climbed to its ATH of $0.47 earlier than retreating once more, this time to the $0.38 resistance stage.

Within the chart, the token exhibits alerts of following the identical sample that led to the efficiency showcased on February 14. This means to the analyst that, if latest historical past repeats itself, the WIF’s value may go “turbo parabolic” throughout this subsequent leg.

Moreover, the pseudonym dealer considers that this may very well be a push that may go “loopy” with “no extra pulling again at 50c resistance.”

Are Buyers Nonetheless WIF Their Hats On?

Dogwifhat is a cryptocurrency primarily based on the favored 2019 meme of a Shiba Inu canine sporting a pink crochet hat. The meme started popularizing in social media, particularly on X, the place the eSports neighborhood started utilizing it as a profile image.

Final 12 months, the meme’s reputation resulted within the creation of a coin with the identical identify. The cryptocurrency has shortly gained traction, and regardless of the ups and downs within the months since its creation, the token is at present among the many prime 5 memecoins by market capitalization. The memecoin is the second-largest Solana-based memecoin, solely behind BONK.

As reported by a member of the WIF neighborhood, the dog-based cryptocurrency surpassed a complete of $2 Billion buying and selling quantity on February 19, solely 90 days after its launch.

Consequentially, whales have acknowledged the potential of the memecoin and began accumulating the token in giant quantities. On Monday, a whale purchased 32,149 WIF tokens at $0.38318, price round $12,318.9.


WIF and BTC efficiency within the final 7 days. Supply: CoinGecko

The memecoin has intently adopted Bitcoin’s efficiency within the final 7 days, tracing the same efficiency path to that of the biggest cryptocurrency, because the chart above exhibits. Nonetheless, WIF has been down with the remainder of the memecoin market over the past week.

At writing time, the token is altering palms at $0.3265, a 5.4% value lower in comparison with its buying and selling value 24 hours in the past. Furthermore, the memecoin can also be 29.02% decrease than its ATH, recorded 8 days in the past.

The token’s market capitalization is $321.2 million, accounting for a 5.13% lower within the final 24 hours. WIF is at present the 200th cryptocurrency by this metric.

Nonetheless, the memecoin’s buying and selling quantity has elevated 9% within the final day, signaling a latest rise in market exercise for WIF.

WIF, WIFUSDT, Dogwifhat

WIF value efficiency within the 1-day chart. Supply: WIFUSDT on TradingView.com

Featured picture from X.com, Chart from TradingView.com and CoinGecko.com

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site solely at your personal threat.

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