Analyst Says One Memecoin Setting the Stage for Stronger Rally, Names Altcoin Presenting Opportunity After Dip

An analyst known for making timely altcoin calls says one Dogecoin (DOGE) rival will make a huge comeback after the crowd takes their attention elsewhere.

Pseudonymous analyst The Flow Horse tells his 210,100 followers on the social media platform X that hes long-term bullish on the memecoin dogwifhat (WIF).

According to the top trader, WIF will likely see sideways price action in the coming months, which he thinks will prepare the meme token for a big upside move in the second half of 2024.

I think the dog is going to take off the hat for a bit.

Across every timeframe, WIF looks like it needs to see a vet. It probably ranges for some time, enough to get people moving on and doubting its long-term place in this market (it stands with DOGE now, in my opinion)…

The next pump is stronger though. I want to rebuy the summer dip.

Source: TheFlowHorse/X

At time of writing, WIF is worth $2.40, down nearly 9% in the last 24 hours.

The trader is also keeping a close eye on Ethena (ENA), a governance token launched by Ethena Labs for the projects decentralized finance (DeFi) protocol. According to The Flow Horse, ENA is one of the fastest altcoins to rise amid the current dip.

“Obviously, ENA the dip to buy during liquidations.”

Source: TheFlowHorse/X

At time of writing, ENA is trading for $1.06, up nearly 18% from its 24-hour low of $0.90.