After its massive crash, Dogwifhat (WIF) has turned from a viral sensation to a struggling meme coin. The dog-themed token was the face of the gains at the beginning of 2024, creating an ATH of nearly $5 in March 2024. However, it is worth less than a dollar today after constant declines and challenges. So the question arises: Can Dogwifhat price revisit its ATH of $5? Let’s discuss.
Analyzing Dogwifhat Price Performance
For months, analysts have predicted that this popular dog-themed meme coin would hit $10 due to its bullish outlook at the beginning of 2024. However, with time, its hype settled, crashing the token entirely. Just recently, the WIF price was a year low at $0.69, indicating that it hit the bottom of its performance.
Although the price has recovered today, it is currently trading at $0.8328 with a market capitalization of $831.79M, it’s still in a downtrend. On the large frame, it displays a complete downtrend. Even the open interest declined to $235.44M, nearly one-third of when it was prime. This drop shows investors’ declining confidence.
Moreover, the recovery seems challenging with the introduction of better and more trending meme coins.
Can Dogwifhat Revisit $5?
The WIF price graph showcases the token in the descending trendlines amid the persistent downtrend. The token has continuously struggled to stay above key resistance levels, but the recent break below the 100-period EMA presents the bear’s dominance.
Crypto analyst Mihir highlights the formation of the expanding triangle pattern in the Dogwifhat price chart, which could trigger a rebound unless the token hits another low. Additionally, experts believe buyers’ activity in this oversold market could fuel its recovery to $2.25. This and other bullish market sentiments could fuel it higher, even to $5.
Considering WIF’s history and massive gains, the $5 is not out of the picture yet. However, the continuation of bearish sentiments for this token could further crash it.
Key Things To Remember
Dogwifhat has been on quite a journey in the last year, transitioning from crypto winner to loser. Initially, it witnessed a higher and higher peak, but it hit a year-low just a few days ago, concerning holders over its recovery. Although the token has a strong bearish trend, a recovery could happen with buyers’ interest and bullish crypto market sentiments, favored by a Bitcoin price rally. However, the continuity of bear dominance could crash the Dogwifhat price further.
The post Can Dogwifhat Price Revisit $5 ATHs? appeared first on CoinGape.
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