The emergence of Donald Trump as the president-elect of the United States has been one of the biggest catalysts the crypto market has seen this year. The meme coin market has largely benefited from the recent bullish sentiment in the crypto industry, with the price of Dogwifhat (WIF) also running rapidly to the upside.
Although this spurt of bullish momentum has drawn the attention of traders and other market participants, several investors are still treading with caution while anticipating a brief pullback. However, a prominent crypto analyst believes it is time to buy and has come forward with an audacious projection for the price of Dogwifhat.
Solana-based Meme Coin Dogwifhat To Rally 20% — Here’s How
In a November 9 post on the X platform, crypto pundit Ali Martinez an exciting analysis of the WIF price, explaining that the meme coin might not be done just yet. Based on recent price action, the Dogwifhat token appears to be in line for a sustained upward price run.
The rationale behind this projection is the formation of a bull flag pattern on the 4-hour chart. A bull flag pattern is a chart formation used in technical analysis and is characterized by a period of steep upward price movement (the flagpole) and a short period of consolidation or slight downward trend (the flag).
The bull flag typically acts as a strong continuation pattern for an upward price trend. However, it is important to look out for a price breakout to the upside of the flag in order to confirm the trend continuation prognosis.
As shown in the chart above, the price of Dogwifhat appears to be breaking out of the flag, suggesting the potential persistence of the upward trend. Should this breach be successful, it is worth noting that the breakout usually replicates the length of the initial flagpole.
Using this first flagpole as a template, Martinez placed the price target for the Solana-based meme coin at $2.84, which represents a 20% increase from the current price point.
WIF Price At A Glance
As of this writing, the price of Dogwifhat stands at around $2.40, reflecting a 5.9% increase in the past 24 hours. This single-day action has further improved the meme coin’s performance on the weekly timeframe, bringing it up to 14.6% in the past seven days.