A renowned expert in cryptocurrencies and trading recently shared his positive outlook on memecoins that are based on the Solana (SOL) blockchain. The analyst, who goes by the pseudonym Flow Horse on the X platform, highlighted the potential for price growth in the meme cryptocurrency known as dogwifehat (WIF) in his analysis.
The expert carefully observed the recent market movements of WIF and pointed out that the cryptocurrency, which features a logo of a dog wearing a hat, seems to be going through a consolidation phase based on its daily chart.
According to the cryptocurrency analyst, once the Solana-based memecoin completes its consolidation phase, it could experience a significant bullish trend, leading to a substantial increase in the price of WIF.
“It appears that $WIF is not yet ready to remove its hat. I fail to see how this structure can avoid consolidation before a further rise,” the analyst expressed in his analysis.
As of the time of writing, the price of dogwifehat (WIF) was quoted at $2.81, reflecting a 3.1% decrease in the past 24 hours. During this period, the cryptocurrency recorded a trading volume of $571,644,672. Currently, WIF holds the fourth position among memecoins in terms of market capitalization, with a total value of $2,798,482,809.
In a contrasting view, a well-known crypto trader using the pseudonym DonAlt recently shared a pessimistic sentiment regarding memecoins. In an expert analysis, the trader warned that memecoin projects could suddenly collapse.
“Personally, I am convinced that memes have reached their end. While the rest of the market might fare well, I anticipate memes to face a significant downfall. Good luck if your portfolio heavily relies on the 10th iteration of a dog or cat,” the trader cautioned.
Regarding the meme cryptocurrency Dogwifhat, the trader mentioned that if it fails to maintain support at $3.15, WIF could experience a pullback to $2.23. “WIF: Actively seeking to short within the maximum range. Targeting a position below the lower range. I will consider my prediction incorrect if the break is successfully surpassed,” the trader added. As of now, the price of Dogwifhat stands at $2.89, showing a 1.5% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author or any individuals mentioned in this article are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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