Dogwifhat made waves earlier in the year as one of the most explosive meme coins since Pepe and Shiba Inu. But since March, $WIF has faced stiff headwinds and competition from newer meme coins that have held the token’s price back from setting a new all-time high.
In this Dogwifhat price prediction, we’ll take a closer look at $WIF’s potential for the remainder of 2024, including whether the token can finally break through the $5 barrier.
$WIF Forms Descending Wedge, Predict $4.10 Price Target
Technical analysis of $WIF on a daily time frame shows a clear descending wedge pattern forming in the token since March. $WIF hit highs of $4.85, $4.08, and $2.79, each roughly 2 months apart. At the same time, the token has formed a strong support area between $1.60 and $1.80, where it’s currently trading.
The wedge was originally identified by Pidgeon Trades in May, but the pattern continued to develop instead of resulting in a breakout as suggested at the time.
Now, the extended wedge pattern suggests that in September, $WIF could rise to a fourth high and challenge the descending wedge once again, likely in the price range of $2.00. However, instead of bouncing off the trendline, $WIF could finally break through and see a surge of momentum higher.
Our analysis suggests a potential price target for the move of $4.10, representing a roughly 150% upside potential from today’s $WIF price. Although $WIF could potentially rise as high as $4.50 while riding the pump, we expect it to return to the $4.10 level and consolidate there while strengthening support.
The move could take several weeks to complete, meaning that traders can expect $WIF to reach $4.10-$4.50 in mid-October. While it’s possible that an additional surge of momentum could propel $WIF to a new all-time high in November or December, we don’t forecast the meme coin to break through the $5 barrier until 2025’s resurgent crypto bull market.
Traders should also be prepared with stop-losses in case $WIF’s breakout fails to materialize. If the token bounces down off of the descending wedge around the $2.00 level, it could retest support in the $1.10-$1.20 range. A break below this trading range could see $WIF fall substantially, even pushing it out of the top 10 meme coins by market cap.
While we don’t think this bearish move is likely, the recent volatility in the crypto market means traders need to be prepared for anything.
New Meme Coin to Watch: Can Base Dawgz Offer 10x Potential After $3M Raise?
$WIF isn’t the only dog-themed meme coin with a lot of potential this fall. Base Dawgz, a new Base-built meme coin that features a base-jumping shiba inu as its mascot, has the potential to rocket 10x or more after it lands on exchanges.
Base Dawgz stands out for its interoperability across the most popular blockchain networks. While the token is native to Base, it plans to launch simultaneously on Ethereum, Binance Smart Chain, Solana, and Avalanche. After trading begins, $DAWGZ could become the go-to token for traders who need to move capital across blockchains to quickly take advantage of new opportunities.
Base Dawgz is also building hype through a unique share-to-earn rewards program. $DAWGZ investors who share posts from the Base Dawgz X account will earn points towards a token airdrop, which is expected to take place just before $DAWGZ hits exchanges. It’s a powerful way to reward early investors and spread word about Base Dawgz.
Base Dawgz has already sold nearly $3 million worth of its $DAWGZ token in the project’s explosive ICO. Meme coin analysts like Jacob ‘Crypto’ Bury have heaped praise on $DAWGZ, going so far as to predict it could be the next 100x meme coin.
During the presale, $DAWGZ investors can stake their tokens to earn an impressive 870% APY. Tokens are selling fast, so don’t wait to join the Base Dawgz presale today.
