This cycle’s dog-themed sensation, Dogwifhat (WIF), has become the leading memecoin amid the market’s recovery. The token saw a 12% surge in the early hours of Tuesday, propelling the price above the $1.6 mark. As the memecoin tries to reclaim key support levels, some crypto analysts forecasted WIF’s next targets.
Dogwifhat Leads The Memecoin Recovery
Dogwifhat (WIF) became the market sensation in Q1 after leading the memecoin frenzy. The token surged to its all-time high (ATH) of $4.83 at the end of March, pushed by the market sentiment and its growing community.
During its 2,000% growth phase, WIF saw many crypto investors put their hats on, which prompted a massive fundraising campaign to display the memecoin in the Las Vegas Sphere. However, the market fluctuations have driven the token’s price to a decline of over 66% from its ATH.
The August retraces made WIF’s price drop 28% to a 6-month low of $1.1 before starting its recovery. Since then, it has reclaimed its early August levels, registering a 1% increase from its price one month ago.
Following the weekend retrace, Dogwifhat saw a price surge of over 12%, reclaiming the $1.5 support zone again. This performance crowned the memecoin as the third largest gainer in the top 100 cryptocurrencies by market capitalization.
Moreover, WIF became the top 10 memecoin with the largest gains in the last 24 hours, followed by Popcat (POPCAT) and Floki (FLOKI)’s 9.2% and 7.6% jump.
WIF Price Targets $2.2
As Dogwifhat’s price began to surge on Monday, several market watchers noted that reclaiming the $1.51 support level could push the token’s price to higher levels. To Ameba, a successful breakout above the downtrend line would drive WIF’s price to a retest of the next key area of $1.84.
The analysts suggested the push could also propel the price to the $2.2 price range. Similarly, The Cryptonomist concurred that a strong breakout above $1.5 could see a reclaim of the same resistance level.
Crypto trader Bluntz emphasized Dogwifhat’s performance as the token retested the $1.6 resistance level on Monday night. To the trader, the cryptocurrency did a “perfect channel retest.”
Bluntz highlighted the a,b,c zig-zag pattern in the token’s chart, suggesting that the price could jump to $2.4 as it bounces from the c wave levels. Previously, the trader predicted that WIF’s chart suggested a retrace to the $1 support zone before its next leg up.
At the time, the memecoin sensation displayed a macro five-wave impulse followed by the formation of an a,b,c zig-zag pattern, with the c wave aiming for the $1-$2 price range. Following its most recent performance, the trader considers that investors are not “ready for the V reversal that’s about to happen.”
Nonetheless, crypto analyst Altcoin Sherpa warned investors about WIF’s short-term price action. To the analyst, the token won’t hit ATH anytime soon despite displaying a “decent” performance in the support region.
Ultimately, Sherpa considers that WIF’s price will “still see more chop and consolidation” around the $1.44-$1.95 area and advised the community to be patient while the rally resumes. As of this writing, the token is trading at $1.53, a 5.5% surge in the last 24 hours.
Featured Image from Unsplash.com, Chart from TradingView.com