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A prominent cryptocurrency analyst has revealed he believes that a cryptocurrency that is up over 1,130% so far this year but dropped more than 30% in the last month could keep on dropping before its performance turns around.
The analyst, known by the pseudonym Altcoin Sherpa on the microblogging platform X (formerly known as Twitter), told his more than 210,000 followers on social media platform that Dogwifhat (WIF) may not have reached its lowest price point yet.
Sharing a price chart showing technical levels, Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.
Based on his technical analysis of the coin’s price chart, Altcoin Sherpa suggests that WIF could see a temporary rise to around $2.50 before falling to $1.26, a level identified by the Fibonacci retracement method.
WIF is at the time of writing trading at $1.86 after seeing an all-time high near $5 per token earlier this year. The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.
As report Altcoin Sherpa has recently reaffirmed his optimistic outlook on Ondo Finance (ONDO), a digital asset with a $1.6 billion market capitalization that has seen its value surge by over 1,400% since the start of the year.
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