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Dogwifhat's (CRYPTO: WIF) is up 11% on the day and 48% on the week, but traders think more upside is still to come.
What Happened: Trader Altcoin Sherpa tweeted on Thursday that Dogwifhat's current area is pretty important, but if it breaks $2.50 it will go back within the trading range between 2.40-$3.00. He believes it could go higher as long as Bitcoin ‘plays nice,' but acknowledges the difficulty in judging what the levels are in that area.
Another crypto trader highlights retaking the $2.2 level, which is also the key to "hold for further continuation." He further outlined key zones to monitor.
Price Action: In the past 24 hours, WIF is up 11%, taking its seven-day gains to 48%. For comparison, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are up 10% and 5% over the same timeframe.
Also Read: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons
Why It Matters: These analyses by traders provide crucial insights for investors considering Dogwifhat at a time when the market remains upbeat.
Crypto trader Degengambleh noted that price action until $5 is accumulation and not the cycle top. Another trader marks the strength of Dogwifhat, dubbing it a "relatively strong asset."
He concluded, "Even on the 1hr chart its failed to break below the Trackline."
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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