After hitting a $4 billion market cap last month, the Dogwifhat (WIF) price is pulling back sharply.
The Dogwifhat price was last around $3.51, down about 4% in 24 hours as per CoinMarketCap.
That gives the Solana meme coin a market cap of roughly $3.5 billion, down over 25% from last month’s peaks.
The Dogwifhat bears are currently focused on a possible retest of the 21DMA. This level has acted as strong support going all the way back to late February.
But the Dogwifhat price is currently testing support in the form of the mid-March highs around $1.50.
If enough buyers pile back into the market, the bears may never get their desired test of the 21DMA.
Profit-taking as the broader crypto market consolidates ahead of the Bitcoin halving this month means there’s no guarantee of a quick rebound.
But longer-term price risks remain strongly tilted to the upside for Dogwifhat. Price predictions are thus likely to remain bullish.
Dogwifhat Price Prediction – Where Next for WIF?
If WIF breaks to the south of its mid-March highs and 21DMA, a potential drop all the way to support in the $2.0 area is on the cards.
That could mean a further near 45% drop from current levels. But given that the broader market remains very much in a bullish phase, crypto investors are bound to pile in at some point to buy the dip.
And, despite all the hype, WIF’s market cap remains very modest compared to meme coin stalwarts like Dogecoin.
As per CoinMarketCap, Dogecoin’s market cap was last just over $25 billion. It’s a stretch to say WIF could one day overtake Dogecoin.
But WIF could certainly someday reach a market cap in the $10s of billions.
Dowifhat Alternative to Consider – Presale Investing
Dogwifhat offers potential investors a great chance to make solid gains.
However, those looking for a better probability of near-term gains should consider an alternative high-risk, high-reward investment strategy—getting involved in crypto presales.
Presales offer investors a routine to get involved in a project at its very early stages, and thus potentially make returns of as much as 100x.
If investors can identify projects with solid foundation, the risk/reward of their investment is very good.
Analysts at Cryptonews spend a lot of time examining new presale projects.
Here are 14 of the best presales of 2024, according to the team at Cryptonews:
See the 14 Cryptocurrencies
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