The sensation of this dog-themed cycle, Dogwifhat (WIF), has become the leading memecoin amid the market recovery. The token has shown a 12% gain in the early hours of Tuesday, pushing the price above the $1.6 mark. As the memecoin tries to regain key support levels, some crypto analysts have predicted the next targets for WIF.
Dogwifhat Leads Memecoin Recovery
Dogwifhat (WIF) became a market sensation in Q1, leading the memecoin frenzy. The token jumped to its all-time high (ATH) of $4.83 in late March, driven by market sentiment and a growing community.
During its 2000% growth phase, WIF attracted a slew of crypto investors, prompting a massive crowdfunding campaign to showcase the memecoin at the Las Vegas Sphere. However, market fluctuations caused the token to decline by more than 66% from its ATH.
The August pullbacks saw the WIF price fall 28% to a 6-month low of $1.1 before it began to recover. It has since recovered to early August levels, registering a 1% gain from its price a month ago.
Following a weekend correction, Dogwifhat saw its price jump by over 12%, reclaiming the $1.5 support zone once again. This result capped the memecoin with the third-largest gain among the top 100 cryptocurrencies by market cap.
Moreover, WIF was among the top ten memecoins with the biggest gains over the past 24 hours, followed by Popcat (POPCAT) and Floki (FLOKI), which rose by 9.2% and 7.6%.
WIF price target is $2.2
As Dogwifhat price began to rally on Monday, several market watchers noted that a re-establishment of the $1.51 support level could push the token price to higher levels. According to Ameba, a successful breakout above the downtrend line would lead WIF price to retest the next key area of $1.84.
Analysts suggested that the push could also push the price towards the $2.2 price range. Likewise, The Cryptonomist agreed that a strong break above $1.5 could lead to a rebound of the same resistance level.
Crypto trader Blanz highlighted the performance of Dogwifhat as the token retested the $1.6 resistance level on Monday evening. For the trader, the cryptocurrency made a “perfect channel retest.”
Blanz has highlighted a zigzag a, b, c pattern on the token’s chart, suggesting that the price could jump to $2.4, bouncing off wave c levels. The trader had previously predicted that the WIF chart suggested a pullback to the $1 support zone before another move higher.
At the time, the memecoin sensation showed a macro five-wave impulse followed by the formation of a zigzag a, b, c pattern, with wave c targeting the $1-$2 price range. Following its latest performance, the trader believes that investors are “not ready for the V reversal that is about to happen.”
However, crypto analyst Altcoin Sherpa has warned investors about WIF’s short-term price action. According to the analyst, the token will not reach ATH anytime soon despite showing “decent” performance in the support area.
Ultimately, Sherpa believes that WIF’s price will “see more volatility and consolidation” in the $1.44-$1.95 region and advises the community to be patient until the rally resumes. At the time of writing, the token is trading at $1.53, up 5.5% in the last 24 hours.
