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Highlights
- Dogwifhat price downtrend continues, losing 60% of its value over the last few days.
- WIF token became a market sensation in early 2024 but lost its hype due to increasing competition and investors' loss of interest.
- Increased buyer activity and bull dominance could lead to the Dogwifhat price revisiting $5.
Dogwifhat (WIF) meme coin has pivoted from a viral sensation to a struggling token. 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, after constant declines and challenges, it is worth less than a dollar today. So the question arises: Can Dogwifhat price revisit its ATH of $5? Let’s discuss.
Analyzing Dogwifhat Price Performance
For months, analysts’ Dogwifhat price prediction said that this popular dog-themed meme coin would hit $10 due to its bullish outlook at the beginning of 2024. However, with time, the hype settled, crashing the token entirely. Just recently, the WIF price was a year low at $0.69, indicating that it had reached 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, given the lack of new WIF news or updates and the introduction of better and more trending meme coins.
Can Dogwifhat Price 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 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.
What Dogwifhat Holder Should Do Next?
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. As a result, Dogwifhat holders must carefully analyze its performance and trade accordingly.
Frequently Asked Questions (FAQs)
1. What led to the Dogwifhat price crash to this low?
2. What is the current status of the WIF token?
3. Will Dogwifhat ever gain bullish momentum and recover?
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