The WIF price has performed well in the past few weeks, jumping by over 215% from its lowest point in April. Dogwifhat was trading at $0.987 on Monday, a few points below this month’s high of $1.3167.
This price action has brought its market capitalization to over $1 billion, making it the fourth-biggest meme coin after TRUMP, Bonk, and Fartcoin. This article examines whether the WIF token’s bull run has concluded or if there is further potential for growth.
WIF Price Forecast: Has Room to Go Up
The daily chart shows that the Dogwifhat price bottomed at $0.3123 in April as most Solana meme coins plunged. The chart indicates that the downtrend, which began in November, started to fade in February, forming a rounded-bottom-like chart pattern.
A rounded bottom is one of the most bullish patterns in technical analysis. It often transforms into a cup-and-handle.
WIF has developed a bullish flag pattern, characterized by a vertical rise followed by a period of consolidation. This pattern is usually followed by a strong bullish breakout over time.
READ MORE: Shiba Inu Price to Jump 40% as Shibarium Stages a Comeback
Dogwifhat price has moved above the 50-day Exponential Moving Average, a sign that bulls are in control for now. Therefore, the most likely scenario is where the token will have a bullish breakout in the coming weeks.
If this happens, the initial target to watch will be at $1.8925, the lowest point on November 4 last year. This price target is about 90% above the current level. Surpassing the target increases the possibility of reaching the psychological level of $2.
The alternative scenario is where the WIF price loses momentum and drops to the psychological point at $0.50.
Catalysts for the Dogwifhat Token
The WIF token price action will depend on Bitcoin’s performance this week. After consolidating last week, there is a likelihood that BTC will have a bullish breakout this week. As we wrote last week, it formed a cup-and-handle pattern and a bullish flag, pointing to more gains ahead. A Bitcoin surge leads to more gains for altcoins.
Another potential catalyst is the declining WIF tokens on exchanges, indicating that investors are not selling. There are 563 million WIF tokens on exchanges, down from 570.2 million the previous Monday. The decrease in exchange-held tokens suggests that investors are not selling, which is a positive indicator.
READ MORE: Dogwifhat Price Prediction: Can WIF Surge 320% and Retest its ATH?
