Can Dogwifhat Repeat Its Early 2024 Pump? Here’s Why WIF Price Could Hit $3 Soon

Meme coin hype continues in 2024, and one token, Dogwifhat (WIF), could be setting up for a repeat of its early 2024 pump. Crypto trader Ansem shared on X:

Key Takeaways

WIF is showing strength again, up almost 20% today.

Ansem highlights the key level at $0.75-$0.80 to watch for continuing the bullish case.

Other meme coins like Hype and Fartcoin moved first, and now WIF is joining the wave.

The WIF price chart has seen a clear downtrend from a previous high near $3.00.

However, this was followed by several weeks of consolidation and accumulation.

This accumulation zone is highlighted in the chart above and occurred within the defined range between $0.1 and $0.28.

The WIF price tested this area multiple times, forming a base that eventually supported a breakout. Traders often refer to such zones as demand areas where long-term holders accumulate positions before an uptrend begins.

WIF moved above prior horizontal resistance levels around $0.45-$0.55. This level had capped upside movements for a prolonged period.

The recent breakout above this zone has now flipped it into support, indicating a shift in market behavior.

This structure typically suggests a reversal, as the price forms higher highs and higher lows. It reflects increasing buyer interest, aligning with the 20% daily gain today.

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Moreover, the WIF price chart now shows a pattern consistent with a new trend formation. The breakout has created a clear path for upward movement, with price momentum currently favoring bulls.

However, the $075-$0.80 zone remains a key level to watch. According to Ansem, a drop below this range could invalidate the setup.

Holding above it, however, keeps the rally on track and may open the way toward retesting earlier highs.

The breakout in WIF follows similar moves in meme coins such as Hype and Fartcoin. Traders have started rotating into lower-cap tokens with similar chart structures, pushing prices higher across this sector.

WIF price breakout may suggest the market is entering another meme coin phase, where lagging tokens follow the early movers. With current price strength and volume, WIF is now positioned as one of the tokens to monitor during this phase.