Crypto analyst Crypto Jack suggested that the Solana-based meme coin Dogwifehat (WIF) You may soon witness a catastrophic accident. He looked at what needs to happen to the meme coin to avoid this significant price decline.
How Dogwifhat Price Could Drop Significantly
Crypto Jack mentioned in an X (formerly Twitter) publish that Dogwifhat’s price needs to stay above $3.5, as failure to stay above that level could be “catastrophic” for the meme coin. He also advised crypto traders Be cautious when trading meme currency so that you are not caught off guard and shaken from your positions.
![Solana-Based Dogwifhat Reaches Critical Level That Could Lead to Catastrophic Crash 1 Dog hat 1](https://thegurumedia.com/wp-content/uploads/2024/06/Dogwifhat-1.png)
Interestingly, data from CoinMarketCap shows that Dogwifhat has experienced a price drop below $3.5 from its weekly high of $4. Crypto Jack’s analysis suggests that the meme coin’s catastrophic fall may have already begun, as it could very well reach new lows on its way down.
It’s worth noting that Dogwifhat is still up over 24% in the last seven days, which suggests that this recent price drop may just be a brief correction as part of an upward trend that the meme coin is currently enjoying. However, thanks to this recent price drop, more than $1.2 million worth of long positions have been liquidated in the last 24 hours, according to data from Coinglass.
It’s not time to be pessimistic about Dogwifhat yet
CrediBULL Crypto Crypto Analyst I had previously revealed its pessimistic expectations for Dogwifhat, claiming that the crypto token could fall as low as $1.6. He added that he would look to sell the meme coin at $3.90 as he expected it to enjoy one last push upwards before falling significantly.
However, although Dogwifhat has already reached this height as predicted, CrediBULL Crypto suggested in a recent X post that it wasn’t yet the right time to be pessimistic about Dogwifhat. He stated that the “hat lasts a little longer” because he believes Solana it is approaching a bounce zone, which could cause it to rise to new local highs. If that is the case, he expects WIF to continue its upward trend, making short selling now a wrong move.
Crypto analyst and trader Ponzi Trader also suggested that Dogwifhat still has enough bullish momentum to make another run following its recent price decline. He revealed that he is betting on WIF jumping from the current price range.
![Solana-Based Dogwifhat Reaches Critical Level That Could Lead to Catastrophic Crash 2 Dog Hat 2](https://thegurumedia.com/wp-content/uploads/2024/06/Dogwifhat-2.png)
Considering how high Dogwifhat could climb in its next leg, crypto analyst Alex Clay predictions bullish sentiment towards the meme coin could push its price to $6.7. Crypto analyst and trader Unipcs (Bonk Guy) is bullish on Dogwifhat and predictions that the meme coin will reach $10, although it claims it will never drop to $1 again.
Featured image created with Dall.E, chart from Tradingview.com