dogwifhat (WIF) Price Prediction: What's Next After the US Election?

Crypto markets soared during US election day, with Bitcoin [BTC] surging to a new all-time high (ATH) as a Trump win seemed apparent.

Bitcoin [BTC] surged to a new all-time high (ATH) on 3 November as a Trump win seemed apparent. Memecoins pumped harder, with dogwifhat (WIF) rallying 20% in 24 hours.

However, BTC’s price action on 4 November highlighted a possibility of some cool-off after the election day pump. But what’s next for one of the top memecoin gems after the US election?

WIF’s next step

Since some traders might book election profits from the rally, a cool-off could drag WIF to $2.245 (38.6% Fib level) or back to the golden zone. Afterward, the memecoin could continue with its uptrend.

In such a scenario, sidelined bulls could seek market re-entry at the above support levels.

That said, a close above $2.5 could accelerate WIF to October highs near $3, provided BTC maintains the bullish streak.

WIF whales exposure

This was contrary to the significant de-risking seen before the election, as they reduced positions, tanking WIF. Should whale appetite persist for the memecoin, the rally could be pushed higher.

The above bullish outlook was also supported by massive liquidation of short positions. In the past 12 hours, before press time, $1.7 million worth of short positions (betting for WIF price decline) were wiped out.

In short, it appeared bears had no market edge, at least in the short-term, with election enthusiasm at a fever pitch. If so, any WIF pullback could be a great buying opportunity if the uptrend continues.

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