'Shiba Inu Killer' Dogwifhat Is A 'Swing Long Setup,' Says Trader: 'Next Stop $8'

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.

$WIF SWING LONG SETUP

Looking to long the retest of this 4h OB cluster for a move towards ATH.

We had a nice 12H SFP to hunt SLs below $3.17 low. Additionally, we deviated below 4h 100EMA and made a strong reclaim.

We have a nice support confluence in the grey box, i.e., OB… pic.twitter.com/CpiCDot653

— Scient (@Crypto_Scient) June 3, 2024

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.

Read Next: Shiba Inu, Dogwifhat Defy Market Dips, Altcoins Set For Major Rally And More: This Week In Cryptocurrency

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.