An analyst known for his timely altcoin calls says a rival to Dogecoin (DOGE) will make a huge comeback after the public turns their attention elsewhere.
Pseudonymous analyst The Flow Horse tells his 210,100 followers on social media platform X that he is bullish on the memecoin dogwifhat (WIF) in the long term.
According to the top trader, WIF is likely to see sideways price action in the coming months, which he believes will set the meme token up for a major upward move in the second half of 2024.
“I think the dog is going to take off the hat for a moment.
In any time frame, WIF it looks like he needs to see a vet. It’s probably been varying for a while, enough to make people move on and question its long-term place in this market (it’s next to DOGE now, in my opinion)…
However, the next pump is stronger. I want to recapture the summer dip.”
At the time of writing, WIF is worth $2.40, down almost 9% in the last 24 hours.
The trader is also keeping a close eye on Ethena (ENA), a governance token launched by Ethena Labs for the project’s decentralized finance protocol (DeFi). According to The Flow Horse, ENA is one of the fastest altcoins to rise during the current dip.
“It is clear that ENA has the dip to buy during liquidations.”
At the time of writing, ENA is trading at $1.06, up almost 18% from its 24-hour low of $0.90.
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Generated image: Midjourney