Will Dogwifhat fall? Analyst sets $1 target price for WIF Dogwifhat (WIF) is a memecoin that has swept the cryptocurrency market in the first quarter, following closely the recent decline of Bitcoin. Due to a price drop of over 10% for the token with a dog theme, some cryptocurrency analysts believe that the next target for WIF could be a fall to $1. Dogwifhat became one of the main supporters of the memecoin frenzy in the first quarter of this year, and has therefore become a hot topic of discussion. The token has surged 95,000% from $0.004773 to an all-time high (ATH) of $4.58 at the end of March. Since then, the price range of WIF has been hovering between $2.3 and $3.7, and briefly tested the $4 resistance level at the end of May. Its recent performance prompted cryptocurrency analyst Bluntz to set a target price of $1 for the memecoin. In X posts, the analyst and trader stated that WIF falling to the $1 prince zone is "inevitable". According to Bluntz's chart, the token shows a macro five-wave pulse, followed by the formation of an a, b, c zigzag pattern. For analysts, 'the plan hasn't changed,' but the time spent on wave B 'is longer than initially anticipated.' Additionally, he sets the target for wave C between $1 and $2, which should provide investors with a 'generational buying opportunity'. However, this seemingly pessimistic prediction from the analyst is based on his previous optimistic forecast. For Bluntz, before the next parabolic move, memecoin is expected to experience a significant pullback, which could potentially lead WIF to set a new ATH. According to cryptocurrency trader Otsukimi, the chart of WIF is performing well. For traders, it "shows a solid last support and provides trend support in the middle of a complex range." In addition, he believes that the bullish consolidation of WIF is "very extensive", which makes it possible to rebound from current levels. At the beginning of this week, Dogwifhat got the recognition of the owner of X and 'Dogefather' Elon Musk. During the live broadcast, Musk claimed to have heard about the memecoin craze and then changed the topic. 'Yes, I've heard of dogWiFihat, dogwifhat,' he said. The cryptocurrency community quickly shared the news and speculated whether Musk likes the token. One user claimed, 'You can tell he has a lot more to say, but he stopped.' Others are looking forward to the impact of this news on the price of memecoin. The 'Musk effect' did not affect WIF, as the token continues to hover between $2.65 and $2.8. However, Musk's influence has propelled the rapid development of dogwifihat (WIFIHAT). Within a few hours after the livestream ended, the token surged 6,200% from $0.00007048 to $0.004506. The rebound of WIFIHAT was short-lived, and it has retraced more than 95% of its rise in the past 24 hours. On the last day, WIF also fell by 14.6%, and the trading price was $2.44 at the time of writing this article. This performance has decreased by 26.3% and 18% in weekly and monthly periods, respectively. Nevertheless, the market activity of the token rose by 76.1% in the past 24 hours, with a daily trading volume of 705.6 million dollars. (Data Source: Rubmar Garcia)