Zinger Key Points
- Trader Scient spots a swing-long opportunity in Dogwifhat, stressing the need for market patience.
- Trader Zer0 sees this as a great buying opportunity with $8 as the next stop.
Dogwifhat's WIF/USD improving performance prompted bullish price predictions from traders.
What Happened: Crypto trader Scient shared insights on a potential swing-long setup for Dogwifhat in a tweet on Monday, highlighting the importance of patience and not chasing the market.
His analysis focuses on the retest of a 4-hour order block (OB) cluster for a move toward all-time highs. He noted a successful 12-hour swing failure pattern (SFP) that hunted stop losses below the $3.17 low. Additionally, Scient mentioned a deviation below the 4-hour 100 exponential moving average (EMA) followed by a strong reclaim. He identified a support confluence in the grey box, comprising the OB and EMA, which could provide a decent bounce if retested.
Another trader expressed his bullish stance on Dogwifhat, noting that he is still heavily invested and sees the current price as a buying opportunity. He mentioned, "Seeing many sub $2 calls coming out of the woodworks again. $4 was always the final boss. Current spot is a great buy zone. I’m still long and heavily exposed on WIF. Next stop $8 then $20. The hat stays ON."
Also Read: ‘Shiba Inu Killer’ Dogwifhat Nets Trader 1,000x Gain: $1.5M Cashed Out, $5.5M Left To Go
Why It Matters: These analyses from traders provide valuable insights into potential market movements of meme coins. Moreover, the emphasis on patience and strategic entry points aligns with best practices in trading.
Leveraging on trading strategies, one trader spent $5,879 to acquire 6.1 million WIF tokens in December 2023. With the rapid price surge, the investor sold 4.7 million WIF tokens for $1.57 million. He still holds 1.4 million coins worth $5.5 million.
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.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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