Dogwifhat (WIF) Price Could Reach $16-$20 After Correction

Dogwifhat (WIF), a meme coin built on the Solana blockchain, has see­n flat growth lately. Over the past we­ek, WIF’s value went down by almost 4%

Meme coin Dogwifhat (WIF), built on the Solana blockchain, has seen lackluster performance of late. Over the past week, WIF has seen its value slashed by nearly 4%. This downturn occurred as most crypto assets were rallying. Other prominent meme coins, such as PEPE, DOGE, and Shiba Inu, experienced substantial price surges during this period.

Despite WIF's slow and steady progression, the coin has been garnering significant attention from investors and analysts. This newfound interest stems from an optimistic outlook on where WIF's price might be headed next. An increasing number of analysts are discussing scenarios that could influence future price movements for WIF.

At the time of writing, the price of Dogwifhat stands at $2.71. The coin has registered a trading volume of $1.28 billion over the past 24 hours. Additionally, WIF boasts a market cap of $2.71 billion, showcasing its presence within the meme coin market. However, it's noteworthy that WIF has seen a price decrease of 3.61% over the past 24 hours.

Dogwifhat Price To Rally To $16-$20 After Correction

Crypto analyst Scient has observed that Dogwifhat (WIF) is currently seen consolidating within a daily bull pennant pattern. Scient highlights how the coin recently made a Higher High (HH) followed by a Lower High (LH), which is seen as a bullish sign suggesting that the consolidation phase might be ending soon. Yet, depending on which side of the trend breaks, the breakout afterwards could present a clearer trading opportunity than trying to catch the market bottom.

Another analyst, Crypto Patel, has offered a bullish take on WIF's price rally, adding to Scient's analysis. According to the analyst, press time marks the completion of wave five in WIF's five-wave cycle, followed by the coin's entry into an A-B-C correction pattern. The move up next could be a massive rally, seeing the coin price shoot up towards the $16-$20 range, which translates to at least 1200% upside from current price levels.

During the correction, analysts can expect the price to dip to around 0.382 on the Fibonacci levels, placing it between $1.60 and $1.30. The analyst also notes a worst-case scenario where investors should consider exiting if the price falls below the bull flag's red line, indicating a bearish trend.

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