Analysts Bullish On Dogwifhat (WIF) $5 Target As Price Retests $4 Resistance

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As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and cryptocurrencies, I’ve seen my fair share of market cycles, bull runs, and meme token mania. The recent surge of Dogwifhat (WIF) has caught my attention, particularly given its impressive performance following its listing on Coinbase.

1) Dogwifhat (WIF), a memecoin built on Solana, is one of the top performers in the cryptocurrency market right now. In the past 24 hours alone, its value increased by more than 40%. This impressive surge occurred after it was listed on Coinbase, pushing it above the $4 resistance level. Some analysts are predicting a significant growth for WIF before the end of this year.

Dogwifhat Rallies 40% Amid Coinbase Listing

In simpler terms, Dogewith has been one of the top performing meme-based cryptocurrencies this cycle, reaching a whopping 2000% increase to its all-time high (ATH) of $4.83 in March. During the first quarter, it led the Solana meme market surge but experienced a steep 66% price decline in subsequent months as the overall market retreated.

With renewed energy in the cryptocurrency sector, the token surpassed the significant $2 barrier, retaking this level as Q3 came to a close. Since Donald Trump’s election as U.S. President, WIF has followed the market’s overall surge, breaking free from an 8-month slump.

This week’s recovery of the $3 value by WIF ignited optimistic feelings among investors because the token had not attained such levels since June. Furthermore, within the past day, there was an impressive surge of 40% for this cryptocurrency following its addition to a significant digital currency trading platform.

On Wednesday, Coinbase disclosed that they would be adding Dogwifhat and the frog-themed memecoin PEPE to their platform. This announcement sparked a significant surge for Dogwifhat, pushing its value from its weekly low of $2.93 up to the $4.00 resistance level.

On Thursday mornings, the memecoin surged towards a high of around $4.30, which was its highest price since early April. After the announcement about its listing, WIF has been attempting to transform the $4 level into a support point. However, it momentarily dipped below this mark as Bitcoin (BTC) temporarily dropped to $87,000.

Regardless of a temporary setback, Dogwifhat continued to excel within the top 100 cryptocurrencies, experiencing an impressive 9.9% rise over the past day, contrasting the wider market’s 2.2% decline during the same period.

WIF To $5 By Christmas Day?

As a researcher, I’ve been closely observing the recent surge in the value of this particular cryptocurrency. Some market analysts have predicted a potential target price of $5 for it. However, Trader Koala has posited an interesting perspective, suggesting that we might witness a deviation from its usual 24-hour range of around $3.90-$4.30.

Following the departure from the usual trend, the analyst predicted that the memecoin might rebound from the bottom of its price range up to the top of the same range before potentially reaching the $5 area. At the moment, the token has briefly regained some ground after dipping below $4, currently trading near the lower end of its range, which is 16.4% below its all-time high.

Additionally, another market observer speculates that Dogwifhat could potentially experience a surge similar to Shiba Inu‘s (SHIB) remarkable 2021 climb. User Sito pointed out that SHIB soared by an impressive 1800% following its listing on Coinbase, hitting its all-time high of $0.00008616 just 42 days later.

Based on the article, if WIF follows a pattern similar to Shiba Inu’s price trend following its Coinbase listing, it could potentially rise above $50. As suggested by Sito, this might cause WIF’s price to reach around $52 by Christmas Day.

Furthermore, I noted that Shiba Inu’s (SHIB) listing took place near the tail-end of the preceding bullish market trend. I posited that Dogecoin‘s (DOGWHAT) potential listing could be even more bullish due to the opportunities it would present for organic growth.

As of this writing, WIF is trading at $4.05, a 71.6% surge in the last seven days.

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2024-11-15 16:16