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A top crypto analyst is issuing a warning that dogwifhat (WIF) could collapse if the memecoin dips below a key level.
In a new strategy session, pseudonymous analyst DonAlt tells his 58,800 YouTube subscribers that WIF could plummet in value if it fails to hold $3 as support.
“If Dogecoin goes up, maybe WIF goes back up too, so you can kind of make up your own minds, but I think a close below $3 would be quite catastrophic. So if you’re bullish on WIF, it’s trading quite a bit above $3, but if it starts trading below $3, I think that is a major shift in momentum.”
However, the analyst says there is a possibility that if WIF dips below $3 it could take off on another run beyond $4.50 – or it could just chop around $3 for a while.
“If you start selling at $3 and it does this, you might be upset because there’s a chance that it does this and then goes for another run. But then it’s basically you close below $3 and you reopen above and then there’s a chance it just chops you out a bunch but that’s how it goes if you really want to trade these things.”
WIF is trading for $3.56 at time of writing, up more than 2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Monami Studio/Mingirov Yuriy
