Cryptocurrency analyst Crypto Jack suggested a meme based on Solana Dujoyvat (WIF) It may soon witness a catastrophic collapse. He pointed out what needs to happen to the meme coin to avoid such a significant price drop.
How the price of Dogwifat could collapse dramatically
Crypto Jack mentioned in an X (formerly Twitter) mail That the price of Dogwifhat should remain above $3.5, because failure to stay above this level could be “catastrophic” for the meme coin. As he advised Crypto traders To be careful while trading the meme currency so that they are not surprised and exited from their positions.
Interestingly, Data From CoinMarketCap shows that Dogwifat has seen its price drop to below $3.5 from its weekly high of $4. Crypto Jack analysis suggests that the catastrophic collapse of the meme coin may have already begun, as it could reach new lows on the way down.
It is worth noting that Dujoyvat is still up over 24% in the past seven days, suggesting that this recent price drop may be just… Brief correction As part of the upward trend that the meme coin is currently enjoying. However, thanks to this latest price drop, over $1.2 million worth of long positions have been liquidated in the past 24 hours, according to Data From Quinglass.
It is not time to be optimistic about Duguevat
CrediBULL Crypto Cryptocurrency Analyst king previously revealed His bearish forecast for Dogwifhat, claiming that the cryptocurrency token could fall as low as $1.6. He added that he is looking to sell the meme at $3.90, where he expects it to enjoy one last push to the upside before it declines significantly.
However, even though Dujoyvat has already reached this height as expected, CrediPool Crypto He suggested in X's last post that it's not yet the right time to back away from Dogwifahat. He claimed that “the hat stays on a little longer” because he believes it Solana The price is approaching the retracement zone, which could cause it to rise to new local highs. If so, he expects WIF to continue its upward trend, making selling it now a wrong move.
Cryptocurrency analyst and trader Ponzi Trader also suggested that Dogwifhat still has enough bullish momentum to make another run after the recent price decline. he open He is betting on WIF, bouncing from the current price range.
Regarding how high Dogwifhat could go on its next stop higher, crypto analyst Alex Clay said pridect Bullish sentiment towards the memecoin could push its price to $6.7. Cryptocurrency analyst and trader Unipcs (Bonk Guy) is bullish on Dogwifhat and pridect That the meme coin will reach $10 while claiming that it will never drop to $1 again.
Featured image created with Dall.E, chart from Tradingview.com