Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
This week, the dog-themed sensation Dogwifhat (WIF) has recovered from its drop below the $2 support zone. The Solana-based memecoin flipped Ethereum\u2019s Layer-2 (L2) Arbitrum (ARB) and is currently testing the $2.5 resistance level. However, a crypto analyst has warned investors of a possible retrace for WIF. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom \u2014 Analyst WIF Puts Its Hat Back On Dogwifhat became the memecoin sensation of 2024\u2019s first quarter (Q1), giving returns of over 2,000% earlier this year. The Solana token reached an all-time high (ATH) of $4.8 in March but has declined 45% since then. Despite this, investors remain bullish on the memecoin, some stating it has shown strength through its sharpest correction. Asad Saddique, Cryptonary\u2019s CTO, highlighted that the token \u201cwithstood like 5 or 6 corrections of >70%.\u201d To Saddique, Dogwifhat solidified during the retraces and \u201cchallenges\u201d for the dog-themed memecoin throne. Notably, WIF flipped Arbitrum as the 38th largest cryptocurrency by market capitalization today with a $2.5 billion market cap. This feat was first achieved on March 31, when WIF reached its ATH and a market cap of $4.57 billion. A month ago, crypto trader Bluntz, who made several bullish forecasts for WIF during Q1, shared a bearish prediction for the memecoin. Per the trader, the Solana token was set to an \u201cinevitable\u201d fall to the $1 range. However, this prediction was based on a previous bullish analysis. Bluntz stated that WIF was headed for a large retrace before the next parabolic run, which could lead to a new ATH. Following the market downturn, the dog-themed memecoin saw a price reduction of over 43%. Earlier this month, WIF dropped from the $2.6 price range to as low as $1.51 on July 11. Nonetheless, it had a remarkable performance this week. The token reclaimed the $2 support zone and exhibits green numbers in several timeframes. Will It Shred Another 40% Soon? WIF surged 8% in the last 24 hours and trades at $2.54, at the time of this writing. This performance represents a 60% and 25% price increase in the weekly and monthly timeframes. The recent price action has seemingly revitalized the bullish sentiment towards the token. Crypto analyst Hornhairs claimed that the memecoin \u201clooks solid.\u201d To the analyst, WIF could retest the $3 resistance level if it holds above the $2.2 price range. However, another market watcher has warned investors about a potential downside for Dogwifhat. CrediBull stated that people are taking most altcoins\u2019 bounces as \u201ca sign of strength, but the reality is, alts and especially memes are just higher beta versions of BTC.\u201d To the analyst, the current bounce is \u201cnice,\u201d but, if Bitcoin (BTC) bounces or falls, Dogwifhat will follow the flagship cryptocurrency\u2019s movement \u201charder\/stronger. Related Reading: FET Surges 12% Ahead Of ASI Token Merger Phase 2, Can It Hit $5? The memecoin \u201cleft a triple bottom right below us\u201d after making a lower high on higher timeframes. This suggests to the trader that the token \u201cis likely to follow with a 40% move back down of its own to take those triple lows.\u201d Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":576450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[88023,88119,428,1119,26263,92565,91713,8323,84942,88164,87684,91711,91712],"class_list":["post-630675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arb","tag-arbitrum-arb","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-dog-themed-token","tag-dogwifhat","tag-eth","tag-ethereum-layer-2","tag-memecoins","tag-solana-memecoin","tag-wif","tag-wifusdt"],"acf":[],"yoast_head":"\n
WIF Sees 60% Weekly Surge But An analyst Sends A Warning<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n