The price of Dogwifhat (WIF), which reached a $4 billion market cap last month, is now drastically declining.
According to CoinMarketCap, the price of Dogwifhat was last at $3.51, down almost 4% in the previous day.
With a market worth of almost $3.5 billion, the Solana joke coin is now valued at less than 25% of its high price from last month.
The Dogwifhat bears are presently concentrating on the potential 21DMA retest. Back as far as late February, this level has served as solid support.
However, the mid-March highs of about $1.50 represent support for the Dogwifhat price right now.
The bears might never see the 21DMA tested if enough buyers enter the market again.
There’s no assurance of a speedy recovery due to profit-taking as the larger cryptocurrency market steadies ahead of this month’s Bitcoin halving.
However, Dogwifhat’s longer-term price risks are still significantly skewed upward. Thus, price forecasts are probably going to stay optimistic.
Dogwifhat Price Forecast: Where Will WIF Go From Here?
A possible decline to support in the $2.0 region is expected if WIF breaks below its mid-March highs and the 21DMA.
Dogecoin’s market capitalization was last just over $25 billion, according to CoinMarketCap. Saying that WIF will eventually surpass Dogecoin is a reach.
However, WIF’s market value might eventually approach the $10s of billions.
April 2024, Cryptoniteuae
