Trader Bullish on Memecoin WIF, Expects Further Surge Despite 3,000% Gains

Crypto Analyst Predicts Bullish Surge for WIF and Other Meme Coins

An analyst has forecasted that Dogwifhat (WIF) may ascend to and surpass the $2.5 threshold. The analyst also anticipates that MOG and PEPE Coin may join WIF in an impending rally.

Dogwifhat (WIF) Market Performance

WIF experienced a meteoric rise of nearly 3,088% from $0.06 in January to $4.8 in March. This surge propelled its market capitalization to approximately $5 billion. However, the asset subsequently underwent a sharp decline and has encountered difficulties in regaining its peak due to unfavorable price-determining factors and market uncertainties.

According to available data, June was a particularly challenging month for WIF, as it plummeted from $4.07 to $1.47, falling below the 61.8% Fibonacci retracement level. Fortunately, the broader market supply pressure eased this week, allowing the price to rebound by 16% to $2. Analysts believe that its intraday loss stemmed from a bearish reversal from the downsloping trendline that currently governs the corrective trend.

Experts suggest that the asset may potentially drop to as low as $1.47 if a rebound attempt fails. Conversely, if the bulls gain control, the price could reclaim its all-time high.

Amidst these developments, whales have actively accumulated WIF. On-chain data tracker Lookonchain revealed that the largest holder recently acquired 2.3 million WIF for $2.03 per token through a transaction worth 4.65 million USDC. This transaction has increased their holdings to 23.39M WIF ($49.6M), yielding a profit of around $83M.

Analyst's Positive Outlook on WIF and Other Meme Coins

Despite the recent price fluctuations, crypto analyst Altcoin Sherpa is bullish on WIF and other meme coins. He believes that a rebound is imminent.

Addressing his 217k followers, Sherpa indicated that meme coins are showing signs of recovery following the recent market crash. He expects WIF to break through the $2.5 resistance level and then advance towards $3. Sherpa also tipped MOG and PEPE Coin as potential beneficiaries of a bullish run.

"Some memes are making a strong bounce from their local bottoms. WIF probably will go to at least $2.50, MOG is one of the stronger ones, and og PEPEcoin is at a solid bounce area (I own this one). Let's see if these areas can be sustained."

At the time of writing, MOG was trading at $0.00000188, having surged by 9% in the preceding 24 hours and 96% over the past week. PEPE Coin was also trading at $3, exhibiting a 6.5% increase during the past seven days.

Regarding the smart contract platform Solana (SOL), the analyst predicted a price increase to the $170 zone. However, he acknowledged the possibility of a subsequent crash that could drag the price to a significantly lower level.

"SOL: I think this goes higher overall. to be determined if this is 'the bottom'; I kind of doubt it. I still think you get another shot at the lows again later."

As of the current moment, SOL was trading at $140, down 2.6% in the past 24 hours and 15% over the last 30 days. Nonetheless, its seven-day gain remained positive at 3.8%.