The WIF Price Has Performed Well in the Past Few Weeks as It Jumped by Over 215% From Its Lowest Point in April

The WIF price has performed well in the past few weeks as it jumped by over 215% from its lowest point in April. Dogwifhat was trading at $0.987 on Monday

The price of WIF, the native token of Dogwifhat, has surged explosively over the past few weeks following a steep decline from November 2022. The token, which trades on Solana, has risen by more than 215% from its lowest point in April.

On Monday, Dogwifhat was trading at $0.987, a few points below this month’s high of $1.3167. At this price and market capitalization of over $1 billion, WIF is the fourth-biggest meme coin, trailing only TRUMP, Bonk, and Fartcoin.

As the bull market unfolds, the question arises: has the WIF token’s bull run come to an end, or is there potential for further gains?

WIF Price Forecast: More Room to Rise

The daily chart reveals that the Dogwifhat price bottomed at $0.3123 in April as most Solana meme coins experienced a downturn. The chart analysis indicates that the downtrend, which commenced in November, began to diminish in February, ultimately leading to the formation of a rounded-bottom-like chart pattern.

A rounded bottom is recognized as one of the most bullish patterns in technical analysis, and it often transforms into a cup-and-handle pattern, which is also bullish. In the case of WIF, the price action has since developed a bullish flag pattern, characterized by a vertical rise followed by a period of consolidation. This pattern is typically followed by a strong bullish breakout over time.

The Dogwifhat price has moved above the 50-day Exponential Moving Average, indicating that the bulls are currently in control. Therefore, the most probable scenario is where the token will have a bullish breakout in the coming weeks.

If this scenario unfolds, the initial price target to keep an eye on will be at $1.8925, which marks the lowest point reached on November 4 last year. This price target represents a rise of about 90% from the current level. Furthermore, if this level is crossed, it increases the possibility of the price reaching the psychological level of $2.

Alternatively, if the WIF price fails to gain momentum and begins to decline, we can expect the price to drop to the psychological point at $0.50.

Catalysts For The Dogwifhat Token

The performance of the WIF token price this week will depend on how Bitcoin performs. After consolidating last week, there is a potential for BTC to have a bullish breakout this week. As we mentioned last week, it formed a cup-and-handle pattern and a bullish flag, suggesting further gains ahead. A surge in Bitcoin usually leads to more gains for altcoins.

Another potential catalyst is the fact that the number of WIF tokens held on exchanges continues to decline, which implies that investors are not selling. According to the data, there are 563 million WIF tokens on exchanges, down from 570.2 million last Monday. This decrease in exchange-held tokens is a positive indicator as it suggests a lack of selling pressure from investors.