Crypto analyst Crypto Jack has suggested a Solana-based meme coin Dog hat (WIF) could soon witness a catastrophic crash. He noted what needs to be done with the meme coin to prevent this significant price drop.
How the price of Dogwifhat could drop significantly
Crypto Jack mentioned in an X (formerly Twitter) after that Dogwifhat’s price should remain above $3.5 because failure to keep it above that level could be “catastrophic” for the meme coin. He also advised crypto traders to be careful when trading the meme coin so that they don’t get caught unknowingly and shaken out of their positions.
Interesting enough, facts from CoinMarketCap shows that Dogwifhat has experienced a price drop below $3.5 from its weekly high of $4. Crypto Jack’s analysis suggests that the meme coin’s catastrophic crash may have already begun, as it could well hit new lows on its way down.
It’s worth noting that Dogwifhat is still up over 24% over the past seven days, suggesting that this recent price drop may be a short correction as part of an uptrend that the meme coin is currently enjoying. However, thanks to this recent price drop, more than $1.2 million worth of long positions have been liquidated in the last 24 hours. facts from Coinglass.
No time to be bearish on Dogwifhat yet
Crypto analyst CrediBULL Crypto had previously revealed his bearish expectations for Dogwifhat, claiming that the crypto token could fall to $1.6. He added that he would try to short the meme coin at $3.90 as he expected it to get one last push in the right direction before falling significantly.
Even though Dogwifhat has already reached this height as predicted, CrediBULL Crypto suggested in a recent X post that it wasn’t yet the right time to be bearish on Dogwifhat. He claimed that the “Hat stays on a little longer” because he believes Solana is approaching a bounce zone, which could see the price soar to new local highs. If that is the case, he expects WIF to continue its uptrend, making shorting now a bad move.
Crypto analyst and trader Ponzi Trader also suggested that Dogwifhat still has enough bullish momentum to run again after the recent price drop. He revealed that he is betting on WIF bouncing back from the current price range.
On how high Dogwifhat could rise in the next phase, says crypto analyst Alex Clay predicts the bullish sentiment towards the meme coin could send the price to $6.7. Crypto analyst and trader Unipcs (Bonk Guy) is bullish on Dogwifhat and predicts that the meme coin will reach $10 while claiming it will never drop to $1 again.
Featured image created with Dall.E, chart from Tradingview.com