Though Bitcoin is turning the corner, a development that can yank top altcoins like Solana and meme coins higher, one analyst is bearish on DogWifHat (WIF).
Meme coins have seen better days. According to data from Coingecko, the total market cap of all meme coins stands at around $42 billion.
Dogecoin remains the most valuable meme coin, boasting a market cap of over $15.4 billion. Shiba Inu ranks second with a market cap of around $8 billion.
Meme coin valuations, which were once over $65 billion in Q2 204, have experienced a significant decline. But while some meme coins, such as Dogecoin and Shiba Inu, have managed to stay afloat despite the bear market, others, such as DogWifHat (WIF), may be facing more difficulties.
Despite Bitcoin’s recent recovery, which could lift top altcoins like Solana and meme coins higher, one analyst is particularly bearish on WIF. According to Coingecko, WIF is one of the top meme coins on Solana, with a market cap of over $1.5 billion and a ranking among the top 5.
While WIF may be up over 98,000% after falling to all-time lows of $0.00155 in December 2023, the token is down 68% from recent all-time highs. Earlier this year, meme coin mania and Solana’s expansion drove WIF prices to explode.
However, one analysis now predicts that WIF will probably dump in the upcoming sessions. The state of the chart pattern, which indicates weakness throughout, is what drives this outlook. According to the analyst, the token might be the “most bearish of all major meme coins” due to the way the WIFUSDT chart is positioned.
Although there is optimism that WIF could bounce and benefit from the market-wide recovery, the current bearish structure damps optimism. According to the analyst’s assessment, it is risky to purchase the meme coin at spot prices. Only once WIF breaks out from the descending wedge, which can be seen on the daily chart, can traders think about buying.
In summary, WIF is down nearly 50% from July highs. Although prices recovered after the bounce in early August, buyers didn’t build sufficient momentum to reverse losses. The immediate resistance is $1.99, while support is $1.30.
For the uptrend to take shape, WIF bulls must break above $2, ideally with rising trading volume. In turn, this may set the momentum for another leg up that could see the token expand to as high as $3–or July highs in a bull bar continuation formation.
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