dailyhodl.com
A closely followed crypto trader is remaining bullish on one Solana (SOL)-based Dogecoin (DOGE) competitor that’s put up big gains in recent months.
Pseudonymous trader The Flow Horse tells his 200,300 followers on the social media platform X that memecoin dogwifhat ($WIF) could soar more than 116% from its current value.
“Continuing to buy $WIF on intraday dips. No top until a major blow-off. Weekly VWAPs (volume-weighted average prices) have remained good entries. Expecting this to persist while short-term leverage is continually wiped out and a strong spot bid remains. Targeting at least $0.80.”
$WIF is trading for $0.373 at time of writing, down nearly 10% in the last 24 hours.
He also believes that altcoin price trends are going to be heavily influenced by Bitcoin’s ($BTC) near-term moves. He thinks that if Bitcoin rallies more, liquidity from alts will move to Bitcoin as traders chase the top-performing digital asset’s uptrend. He also believes if Bitcoin has a significant market correction, alts could bleed out.
“Alts are in a weird spot. I woke up this morning, saw some positions in the red and peeled some of them off. If Bitcoin continues to push up I think you see a flight to quality effect as people dump alts that aren’t moving. OTOH (on the other hand), any sharper correction that would be normal for $BTC also weighs on those same alts.”
At time of writing, Bitcoin is worth $51,996, a slight decrease in the past day.
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