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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.
