Dogwifhat (WIF), a meme coin built on the Solana blockchain, has seen flat growth lately. Over the past week, WIF’s value went down by almost 4%. This slide happened when most crypto assets were growing. Other popular meme coins like PEPE, DOGE, and Shiba Inu saw huge price jumps during that time.
Even with WIF’s steady and slow progress, the coin is now getting lots of notice from investors and experts. This new interest comes from an upbeat view of where WIF’s price could head next. More and more analysts discuss scenarios that could impact WIF’s future price changes.
At the time of this writing, Dogwifhat’s cost is $2.71. The coin has a $1.28 billion trading volume in the past 24 hours. Additionally, WIF has a market value of $2.71 billion, showing its presence in the meme coin market. However, it’s important to note that WIF’s price has decreased by 3.61% in the last 24 hours.
Dogwifhat Price Could Reach $16-$20 After Correction
Crypto analyst Scient has noted that Dogwifhat (WIF) is currently consolidating within a daily bull pennant pattern. According to Scient, the coin has recently experienced a Higher High (HH) followed by a Lower High (LH), which is considered a bullish sign suggesting that the consolidation phase may soon end. However, depending on which side of the trend breaks, the subsequent breakout could present a more straightforward trading opportunity compared to attempting to hit the market bottom.
Another analyst, Crypto Patel, has used the Elliott Wave Analysis to give a positive view on WIF’s price rally in addition to Scient’s analysis. According to the analyst, importantly, the fifth wave in WIF’s five-wave cycle is wrapping up at press time, followed by the coin’s entry into an A-B-C correction phase. The next move may be a huge rally that will see the price of the coin shooting massively up towards the $16-$20 range, which translates to at least 1200% upside from the current price levels.
During the correction phase, analysts expect the price to dip to around 0.382 on the Fibonacci level, putting it between $1.60 and $1.30. The analyst also mentions a worst-case scenario where investors should consider exiting if the price falls below the bull flag’s red line, indicating a bearish trend.
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