Challenges of Dogwifhat (WIF) Price Recovery
[TL; DR]
The Ichimoku indicator shows that the WIF bearish outlook may continue.
It may take a long time for WIF to recover since there is pessimism in its market.
The WIF price may reach $4.12 by the end of 2024 and $16.49 by the end of 2025.
Introduction
The market expects Dogwifhat (WIF) price to rise in May after experiencing a depressed April. During April WIF lost much of the gains it made in March leading its market capitalization to fall by about $1.3 billion. To illustrate, around mid-March WIF was trading at around $2.6046. From there its value leaped by 62.39% to reach $4.2298 by the end of the month. Around mid-April, though, its price fell by around 34.95% to exchange hands at approximately $2.7512.
Now, we want to analyze the reasons why WIF struggled during April and forecast its potential future price movement. We will also uate the relationship between the value of WIF and that of Bitcoin. Finally, we shall make a WIF price prediction for 2024/2025/2030.
Dogwifhat in a Bind: Price Struggles Amid Market Uncertainty
Dogwifhat is one of the cryptocurrencies that is struggling even after the bitcoin halving event that occurred on 20 April. During the fourth week of April, for example, WIF experienced mixed fortunes as it dipped then bounced back. First, the WIF value fell to $2.15 before bouncing back to retest the $3.50 resistance level. Sadly, though, it failed to rise past that mark.
WIF might have failed to rally mainly because of the general sluggish crypto market. For much of that period the WIF price consolidation continued. Sady, there was no good news for those who expected a quick Dogwifhat price recovery. At the time of writing, WIF is trading at $3.37 after gaining by 13.5% within the previous 24 hours. However, the WIF price has fallen by 13.2% within the last 30 days. The following graph shows WIF meme coin price movement since 6 April.
WIF Price Movement between 6 April and 4 May - CoinGecko
As you note from the above WIF price chart, the altcoin was within a consolidation period between 14 April and 4 May, ranging between $3.15 and $3.62 for most of the time. If the coin breaks above $3.62 it may rise towards $4.00.
Nonetheless, the WIF price performance matches current meme coin market trends. Specifically, many meme coin prices fluctuate within market ranges, indicating that crypto investors may be accumulating them.
Ichimoku Cloud indicator in predicting WIF’s bearish momentum
During the fourth week of April the Ichimoku Indicator showed that WIF was bearish. Basically, the Ichimoku indicator gives a clear picture of an asset’s current and its near future performance. The reason is that it shows an asset’s trend and momentum. The following Ichimoku indicator indicates WIF’s bearish outlook.
WIF Remains Bearish – TradingView
As observed in the image, the future Ichimoku is orange in colour indicating a bearish outlook for the WIF meme coin. On the other hand, if the future Ichomoku is green, that is a bullish signal.
Analysis of WIF’s high correlation with Bitcoin and its implications
It is important to note that during the same period the bitcoin correlation with WIF was positive. This indicates that WIF will continue to mirror the price of bitcoin. In other words, if bitcoin’s price rises the value of WIF will also increase and vice versa.
Such a correlation is not always good because if the Bitcoin price nosedives the WIF value will also fall. For example, in the current situation the bitcoin price may fall to $60,000 which has been its strongest support point. If that happens the price of WIF will also decrease. However, the correlation between the two cryptocurrencies may change in the future since it depends on the existing market sentiment.
In certain circumstances, the coin holders may take appropriate action to break such a correlation. However, that can only happen if there is Optimism in the market. Unfortunately, at the moment the investor sentiment on WIF is negative which deters them from investing more in the cryptocurrency. This is the greatest challenge the meme coin is facing and has created much uncertainty in the market.
Usually, the correlation between two assets may influence investor strategies. Investors who aim to diversify their portfolios based on their perception of market risks may not invest in positively correlated assets during the same period. In this case, crypto investors will choose between investing in WIF or bitcoin as they seem to have similar risks.
Mixed Predictions: Uncertainty Looms Over Dogwifhat Future
Amid the market uncertainty, analysts are divided on the direction WIF will take. Some market pundits think that the WIF price consolidation will continue. However, others expect its price to fall further in the future. On the other hand, other analysts believe that the challenges WIF is facing are short-term ones and that it may experience a strong rebound in the near future.
Essentially, some experts think that the current WIF price challenges are connected to the problems which the Solana network is facing which include network congestion and outages. Generally, most cryptocurrencies based on the Solana blockchain are underperforming.
What is Dogwifhat?
We have talked a lot about Dogwifhat. Now, let’s take a moment to understand more about this cryptocurrency. Dogwifhat (WIF) is a meme coin based on the Solana blockchain. It is recognized by a Shiba dog that wears a pink knitted hat. Launched in November 2023, Dogwifhat has grown to become one of the leading memecoins. Similar to many meme coins, WIF does not have much utility. It is only supported by a large community of supporters.
Dogwifhat (WIF) Price Prediction 2024/2025/2030
In general terms, several analysts predict the price of WIF to decrease further before rebounding. For example, CoinCodex forecasts the price of WIF to rise by 232.97% to reach $ 11.43 by end of June. The next graph shows a WIF price prediction table for 2025 and 2030.
WIF Price Prediction - CoinCodex
As the table indicates the price of WIF may reach $16.49 by 2025 and $14.53 by 2030. Nevertheless, Coinpedia predicts a price target of $4.12 by the end of 2024. It also predicts that the WIF price may reach $5.56 by end of 2025 and $13.55 by 2030. One reason WIF will perform well between 2024 and 2025 is the market wide bullish momentum which may occur in the post bitcoin halving period.
Conclusion
The price of dogwifhat has been bearish since mid-March and may remain so throughout May. Since bitcoin and WIF have a positive correlation the Dogwifhat price may rise when the value of bitcoin increases. However, the Ichimoku indicator shows that WIF faces a bearish outlook, at least in the short term. Lastly, the price of WIF may reach $4.12 by the end of 2024 and $16.49 by the end of 2025.
FAQs about Dogwifhat Meme Coin
How much is Dogwifhat?
Dogwifhat is currently trading at $3.37 after gaining by 13.5% within the last 24 hours. Its price is 31.6% lower than its all-time high of $4.83 attained on 31 March. On the other hand, it had an all-time low of $0.00155, recorded on 13 December 2023.
Where can I buy WIF Dogwifhat?
You can buy WIF at leading crypto exchanges like Gate.io. At Gate.io, WIF is paired against USDT and TRY.
What was the initial price of Dogwifhat?
Dogwifhat which was launched on the Raydium Solana DEX in November 2023 had a known first recorded price of $0.000001366. From there it rose to attain its all-time high of $4.83 on 31 March 2024.
How to buy a Dogwifhat?
To buy Dogwifhat visit the exchanges where it is listed like Binance and Gate.io. For example, at Gate.io you can convert USDT to WIF. Also, you can easily purchase USDT using various methods that include Credit/Debit card, Wire transfer or P2P trading.
