NewsBTC reports Crypto Jack said in a recent post on X that Dogwifhat must hold above the US$3.5 level to avoid a significant price drop.

He warned that a fall below this level could trigger a major decline for the memecoin. His cautionary advice to traders is to stay alert and avoid getting caught out suddenly, as the market can be very cruel.

According to data from CoinMarketCap, Dogwifhat has seen its decline below US$3.5, down from a weekly peak of US$4. This drop is fueling fears that the big crash predicted by Crypto Jack may have already begun.

Despite this, WIF is still up more than 24 percent in the past seven days, indicating that the latest decline may only be a temporary correction in the overall upward trend.

However, this volatility has taken a toll on traders, with more than US$1.2 million of long positions liquidated in the last 24 hours, according to data from Coinglass.

CrediBULL Crypto, another well-known crypto analyst, previously predicted that Dogwifhat could fall as low as US$1.6. He plans to sell the token at US$3.90, anticipating a final push upwards before a significant decline.