A renowned cryptocurrency analyst, Altcoin Sherpa, has shared his insights on Dogwifhat (WIF), a cryptocurrency that has experienced a remarkable surge of over 1,130% this year, but has dropped by more than 30% in the last month. Despite its impressive gains, Sherpa believes that WIF may not have reached its lowest price point yet, and predicts a further decline before its performance turns around.

Sharing his technical analysis on social media, Sherpa identified a potential bounce in the price chart, but expressed his doubts about it being the overall bottom. He expects the price to continue dropping, with a possible temporary rise to around $2.50 before falling to $1.26, as indicated by the Fibonacci retracement method.

At the time of writing, WIF is trading at $1.86, a significant drop from its all-time high of near $5 per token earlier this year. Despite this, the meme-inspired cryptocurrency has seen an exponential rise this year, with one trader reportedly turning less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.

Altcoin Sherpa's prediction is based on his technical analysis of the coin's price chart, and he has also reaffirmed his optimistic outlook on Ondo Finance (ONDO), a digital asset with a $1.6 billion market capitalization that has seen its value surge by over 1,400% since the start of the year.

Sherpa's analysis highlights the volatility of the cryptocurrency market and the importance of technical analysis in predicting price movements. While WIF has seen impressive gains this year, its recent drop and potential further decline serve as a reminder of the risks involved in investing in cryptocurrencies.