WIF's New ATH?Analyst Thinks Dogwifhat Will Soon Go 'Turbo Parabola'
Over the past few weeks, the Bull Market Rebound of 2024 has fueled the recovery of the Crypto Assets market. Memecoin is no exception, and Tokens like BONK have seen a recent rebound. Nonetheless, the meme coin market has faced a pullback over the past few days, with some of the biggest meme coins, such as DOGEE and SHIB, showing red numbers. Still, one analyst expects dogwifhat (WIF) holders to make big gains amid a temporary slowdown in the market.
According to Brentz, a pseudonymous trader and analyst, Dogwifhat may be bracing for a significant price rise soon. On February 10, analysts predicted that the Solana-based Crypto Assets would reach $1.
The trader reiterated this prediction by sharing an updated WIF performance chart in a Tuesday X (former Twitter) post. The post highlights the trajectory of the Token before and after reaching its all-time high price (ATH) of $0.47 on Valentine's Day.
As shown in Figure 1, the price of Memecoin rose from the $0.20 price area to the $0.38 support level before recovering to the previous area. Over the next few days, WIF followed a similar path, climbing to the $0.47 ATH before falling back again, this time at the $0.38 resistance level.
In the chart, the Token shows signals that follow the same pattern as the February 14 performance. This suggests to analysts that if recent history repeats itself, the price of WIF could be a "turbo parabola" in the next phase.
In addition, the pseudonymous trader believes that this could be a "crazy" push and "there will be no more pullbacks at the 50 degree Celsius resistance level."
Dogwifhat is a Crypto Assets based on a popular meme in 2019: a Shiba Inu wearing a pink crochet hat. The meme began to gain popularity on social media, especially on X, and the esports community began to use it as a profile picture.
Last year, the popularity of the meme led to the creation of the coin of the same name. The Crypto Assets quickly gained traction, and despite its ups and downs in the months since its creation, the Token is now among the top 5 meme coins by Market Cap. memecoin is the second largest Solana-based memecoin, after BONK.
The dog-based Crypto Assets surpassed $2 billion in total trading volume just 90 days after it went live on Feb. 19, according to a member of the WIF community.
As a result, Whale has recognized the potential of the meme coin and has begun to accumulate the Token in large quantities. On Monday, a Whale bought 32,149 WIF Tokens for $0.38318, worth about $12,318.9.
Memecoin has closely followed Bitcoin's performance over the past 7 days, and its performance trajectory is similar to that of the largest Crypto Assets, as shown in the chart above. However, last week WIF fell along with the rest of the memecoin market.
The current price of the Token is $0.3021, which is a 7.14% decrease compared to the trading price 24 hours ago. In addition, the price of memecoin is also 29.02% lower than the ATH recorded 8 days ago.
The Token Market Cap was $321.2 million, down 5.13% over the past 24 hours. By this standard, WIF is currently the 200th Crypto Assets.
However, memecoin's trading volume increased by 9% on the last day, indicating that WIF's market activity has increased recently.
(Source: Rubmar Garcia)
