Crypto analyst Crypto Jack has recommended that Solana-based meme coin Dogwifhat (WIF) might quickly witness a catastrophic crash. He famous what must occur for the meme coin to keep away from this important value decline.
How Dogwifhat’s Value May Crash Considerably
Crypto Jack talked about in an X (previously Twitter) put up that Dogwifhat’s value wants to remain above $3.5 as failure to carry above that stage may very well be “catastrophic” for the meme coin. He additionally suggested crypto merchants to train warning whereas buying and selling the meme coin so they don’t get caught unaware and shaken out from their positions.
Curiously, information from CoinMarketCap reveals that Dogwifhat has skilled a value drop under $3.5 from its weekly excessive of $4. Crypto Jack’s evaluation means that the meme coin’s catastrophic crash could have already begun, because it might properly hit new lows on its manner down.
It’s price mentioning that Dogwifhat continues to be up over 24% within the final seven days, which means that this latest value decline may simply be a temporary correction as a part of an upward development that the meme coin is at the moment having fun with. Nevertheless, due to this latest value decline, over $1.2 million in lengthy positions have been liquidated within the final 24 hours, in accordance with information from Coinglass.
Not But Time To Be Bearish On Dogwifhat
Crypto analyst CrediBULL Crypto had beforehand revealed his bearish expectations for Dogwifhat, claiming that the crypto token might drop to as little as $1.6. He added that he would look to quick the meme coin at $3.90, as he anticipated it to take pleasure in one final push to the upside earlier than it declined considerably.
Nevertheless, regardless of Dogwifhat already attaining this peak as predicted, CrediBULL Crypto recommended in a latest X put up that it wasn’t but the appropriate time to be bearish on Dogwifhat. He claimed that the “Hat stays on a bit longer” as a result of he believes Solana is approaching a bounce zone, which might trigger it to climb to new native highs. If that’s the case, he expects WIF to proceed its upward development, making it shorting it now a flawed transfer.
Crypto analyst and dealer Ponzi Dealer additionally recommended that Dogwifhat nonetheless has sufficient bullish momentum to make one other run following its latest value decline. He revealed that he’s betting on WIF, bouncing from its present value vary.
Concerning how excessive Dogwifhat might rally on its subsequent leg up, crypto analyst Alex Clay predicts the bullish sentiment in the direction of the meme coin might ship its value to $6.7. Crypto analyst and dealer Unipcs (Bonk Man) is bullish on Dogwifhat and predicts that the meme coin will attain $10 whereas claiming it’s going to by no means drop to $1 once more.
Featured picture created with Dall.E, chart from Tradingview.com
