Dogwifhat (WIF), the memecoin sensation that took the crypto market by storm during Q1, followed Bitcoin’s recent decline. With the dog-themed token facing a price drop of more than 10%, some crypto analysts think that a stop at $1 could be WIF’s next target.
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Is the Hat still open?
Dogwifhat was the talk of the town earlier this year after being one of the leading champions of the Q1 memecoin frenzy. The token had a 95,000% “turbo parabolic” run from $0.004773 to a high (ATH) of $4.58 at the end of March.
Since then, WIF has moved between the $2.3 and $3.7 price range, briefly testing the $4 resistance level at the end of May. Its recent performance has led crypto analyst Bluntz to set a $1 goal for memecoin.
In a post on X, the analyst and broker indicated that WIF’s decline to the $1-per-cent range is “inevitable.” According to Bluntz’s chart, the token shows a macro-wave impulse followed by an ea,b,c-zig-zag pattern formation.
For the analyst, “the plan has not changed,” but it has “taken longer than originally thought.” In addition, he set the target of wave c between the price range of $1 and $2, which should provide a “common buying opportunity” for investors.
However, the analyst’s seemingly bearish forecast is based on his previous bullish forecast. For Bluntz, memecoin will bounce back significantly before the “next parabolic leg” that could see WIF reach a new ATH.
According to crypto trader Otsukimi, the WIF chart shows strong performance. For the trader, it “shows a strong final position and trend support near the complex range.”
In addition, he considers WIF integration to be “too broad,” making a retreat from its current standards possible.
Elon WIF hat
As the week began, Dogwifhat was acknowledged by X owner and ‘Dogefather’ Elon Musk. During the live stream, Musk said he had heard about the memecoin sensation before changing the subject. “Yeah, I heard about dogWiFihat, dogwifhat,” she said.
The crypto community quickly shared the news and speculated that Musk likes the token. Another user said, “You can say you have a lot to say but you stopped.”
Some were anticipating the impact it would have on the price of memecoin. The ‘Musk Effect’ did not reach WIF, as the token continued to move between the $2.65-$2.8 range.
However, Musk’s influence propelled the dogwifihat (WIFIHAT) which was quickly created. The token surged 6,200% in the hours following the live stream, from $0.00007048 to $0.004506. WIFIHAT saw a short-term rally as it lost more than 95% of its gains in the last 24 hours.
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WIF is also down 14.6% in the last day, trading at $2.44 at the time of writing. This performance should decrease by 26.3% and 18% on a weekly and monthly basis. Nevertheless, the activity of the token market has seen an increase of 76.1% in the last 24 hours, with a daily trading volume of 705.6 million dollars.
Featured image from Unsplash.com, Chart from TradingView.com
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