What Are the Next Targets?

TL;DR

• WIF has soared in price, riding the meme coin wave with a weekly gain of 130% and a market cap nearing $1.3 billion.
• While most analyst are bullish on WIF’s future price performance, one warned that it might be too late to hop on it.

WIF Goes Vertical

It’s been green candles almost everywhere across the cryptocurrency market lately, with some digital assets posting more than impressive pumps. One example is the popular meme coin dogwifhat (WIF), whose price skyrocketed by almost 45% in the past 24 hours alone.

Currently, it trades at a nearly four-month high of $1.28 (per CoinGecko’s data), marking a staggering weekly rise of 130%. Its market cap is inching closer to $1.3 billion. Thus, WIF surpassed Floki (FLOKI) and became the seventh-biggest meme coin.

The aforementioned revival of the crypto sector and the renewed hype across traders and investors seem like the most obvious reasons for the asset’s surge. 

Multiple analysts on X are now optimistic that WIF could be on its way to reaching new peaks. The one using the moniker Coin Signals noted the breakout above $1, setting the next target at $2.20.

The popular X user Altcoin Sherpa chipped in, too. They revealed having “a small bag of WIF” and argued that the meme coin is “fairly early in its run relative to other big memes.” Despite not envisioning a rise to a new all-time high, the analyst sees potential for a solid increase in the event of “good conditions.”

For their part, Ansem told their over 600,000 followers on X that WIF “looks very clean.” In their view, the bullish thesis might fall apart if the price slips to the $0.75-$0.80 range. 

Too Late for the Party?

Contrary to the optimists mentioned above, Crypto Mechanic shared a somewhat bearish perspective. The X user acknowledged WIF’s “great move” but warned investors that it might be too late for them to jump on the bandwagon.

“Let the price go into consolidation or give you some LTF pullbacks that would be a less risky setup imo,” they advised.

Meanwhile, traders should also keep an eye on some technical indicators such as WIF’s Relative Strength Index (RSI). The momentum oscillator measures the speed and magnitude of recent price changes and varies from 0 to 100. A ratio above 70 signals that the token might have entered overbought territory and could be due for short-term correction. As of this writing, the RSI stands at over 85.