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.”
Source: DonAlt/YouTube
WIF is trading for $3.56 at time of writing, up more than 2% in the last 24 hours.
