Dogwifhat (WIF) Retests $4 Resistance, Is $5 The Next Target?

Solana-based Memecoin Dogwifhat (WIF) is among the tokens leading the crypto market. The cryptocurrency surged over 40% in the last 24 hours, breaking above the $4 resistance zone following its Coinbase listing. As a result, some market watchers forecasted a massive WIF rally before year-end.

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Dogwifhat Rallies 40% Amid Coinbase Listing

Dogwifhat has been one of the best-performing memecoins of this cycle, seeing a 2000% surge to its $4.83 all-time high (ATH) in March. The token led the Solana meme frenzy during Q1 but faced a significant 66% price drop in the following months while the market retraced.

As the crypto market regained momentum, the token broke above the crucial $2 resistance zone, reclaiming this level as Q3 closed. Since Trump’s victory in the US presidential elections, WIF has joined the market’s broader rally, breaking out of an 8-month downtrend.

WIF’s reclaim of the $3 mark earlier this week fueled investors’ bullish sentiment as the token reached levels not seen since June. Moreover, the cryptocurrency experienced a massive 40% rally in the last 24 hours after being listed on a major crypto exchange.

On Wednesday, Coinbase announced the listing of Dogwifhat alongside frog-themed memecoin PEPE. The news propelled a massive rally for the dog-themed token, sending its price from the $2.93 weekly low to the $4.00 resistance level.

On Thursday morning, the memecoin rallied toward the $4.30 mark, seeing its highest price since early April. Since the listing news, WIF has tried to turn the $4 resistance into support, briefly losing the level as Bitcoin (BTC) retraced to $87,000.

Despite the momentary retrace, Dogwifhat remained among the best-performing cryptocurrencies among the top 100 list, seeing a 9.9% increase in the last 24 hours, while the broader market bleed 2.2%.

WIF To $5 By Christmas Day?

Following its massive performance, some market watchers forecasted a $5 target for the cryptocurrency. Trader Koala suggested that WIF would see a deviation from its 24-hour $3.90-$4.30 range.

After the deviation, the analyst stated that the memecoin could see a bounce from the range’s lows toward the range highs before moving toward the $5 zone. The token has momentarily recovered from the drop below $4, trading at the range’s lower levels, just 16.4% below its ATH.

Meanwhile, another market watcher suggested that Dogwifhat could see a rally like Shiba Inu’s (SHIB) 2021 run. X user Sito noted that SHIB rallied 1800% after being listed in Coinbase, reaching its ATH of $0.00008616 42 days later.

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Per the post, WIF could see its surge above the $50 mark if it performs similarly to SHIB’s price action post-Coinbase listing. Sito pointed out that this would lead to WIF’s price trading at $52 by Christmas day.

Moreover, he detailed that SHIB’s listing occurred towards the end of the previous bullish cycle, arguing that dogwifhat’s listing could be “even more bullish as it would allow for more organic growth.”

As of this writing, WIF is trading at $4.05, a 71.6% surge in the last seven days.

Featured Image from Unsplash.com, Chart from TradingView.com