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 not too long ago seeing a rally.

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

Dogwifhat May Attain $1 In Its Subsequent Leg Up

In keeping with the pseudonym dealer and analyst Bluntz, dogwifhat might be getting ready for an enormous worth 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) put up by sharing an up to date WIF efficiency chart. The put up highlighted the token’s trajectory earlier than and after reaching its all-time excessive (ATH) worth of $0.47 on Valentine’s Day.

what if i advised you this subsequent leg on $WIF goes to be the one which goes turbo parabolic?

no extra pulling again at 50c resistance, that is going to be the push that goes loopy imo.

buying and selling this on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/5TIHXeaP3i

— Bluntz (@Bluntz_Capital) February 20, 2024

Because the chart exhibits, the memecoin’s worth moved from the $0.20 worth zone to the $0.38 assist stage earlier than dealing with 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 implies to the analyst that, if latest historical past repeats itself, the WIF’s worth may go “turbo parabolic” throughout this subsequent leg.

Moreover, the pseudonym dealer considers that this might 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 based mostly 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 group started utilizing it as a profile image.

Final 12 months, the meme’s reputation resulted within the creation of a coin with the identical title. The cryptocurrency has rapidly gained traction, and regardless of the ups and downs within the months since its creation, the token is presently among the many high 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 group, 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 massive quantities. On Monday, a whale purchased 32,149 WIF tokens at $0.38318, value 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 most important cryptocurrency, because the chart above exhibits. Nevertheless, WIF has been down with the remainder of the memecoin market over the last week.

At writing time, the token is altering arms at $0.3265, a 5.4% worth lower in comparison with its buying and selling worth 24 hours in the past. Furthermore, the memecoin can 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 presently the two hundredth cryptocurrency by this metric.

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

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

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

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