A closely followed crypto trader is remaining bullish on one Solana (SOL)-based Dogecoin (DOGE) competitor that’s put up big gains in recent months.
Pseudonymous trader The Flow Horse tells his 200,300 followers on the social media platform X that memecoin dogwifhat (WIF) could soar more than 116% from its current value.
“Continuing to buy WIF on intraday dips. No top until a major blow-off. Weekly VWAPs (volume-weighted average prices) have remained good entries. Expecting this to persist while short-term leverage is continually wiped out and a strong spot bid remains. Targeting at least $0.80.”
Source: The Flow Horse/X
WIF is trading for $0.373 at time of writing, down nearly 10% in the last 24 hours.
He also believes that altcoin price trends are going to be heavily influenced by Bitcoin’s (BTC) near-term moves. He thinks that if Bitcoin rallies more, liquidity from alts will move to Bitcoin as traders chase the top-performing digital asset’s uptrend. He also believes if Bitcoin has a significant market correction, alts could bleed out.
“Alts are in a weird spot. I woke up this morning, saw some positions in the red and peeled some of them off. If Bitcoin continues to push up I think you see a flight to quality effect as people dump alts that aren’t moving. OTOH (on the other hand), any sharper correction that would be normal for BTC also weighs on those same alts.”
At time of writing, Bitcoin is worth $51,996, a slight decrease in the past day.
Generated Image: DALLE3
