WIF Eyes Breakout Rally to $3 Amid Major Whale Trades – Crypto News – Crypto News
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WIF Eyes Breakout Rally to $3 Amid Major Whale Trades – Crypto News

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dogwifhat Price Analysis: Defying the broader market uncertainty, the Dogwifhat coin was notably bullish this week. From the $2.49, the canine memecoin jumped nearly 30% to hit a high of $3.24. An analysis of the daily chart shows this upswing developed within a triangle pattern formation— a chart setup known to bolster prolonged recovery trends. With the Ethereum price showing sustainability above $3600, several altcoins including Dogwifhat show potential for higher rebound.

Also Read: Ethereum ETFs May Propel ETH to Record Highs, Says Bitwise CIO

Strategic Whale Trades Signal Potential Upsurge for Dogwifhat Coin

BINANCE:WIFUSDT Chart
dogwifhat Price Analysis| Tradingview

The Dogwifhat coin has been trading sideways for nearly two months, resonating with the two converging trendlines of the triangle pattern. The two trendlines act as dynamic resistance and support is gradually narrowing the space in the triangle to lead to a decisive breakout.

Today, the WIF price is 1.9%, projecting another reversal from the triangle resistance. This reversal hints the sideways action may continue for a week or two.

The on-chain data tracker Lookonchain recently highlighted that a whale spent 17,966 SOL, equivalent to $2.98 million, to acquire 953,177 WIF at a price of $3.13. This substantial purchase caused the price of WIF to surge by approximately 7%.

Previously, this same whale demonstrated strategic trading moves, having spent 1 million USDC to purchase 355,417 WIF at $2.81 on May 21. The whale subsequently sold this position at $3.07 on May 22, netting 1.09 million USDC and realizing a profit of $90,000.

Lookonchain’s analysis highlights the whale’s precise and profitable trading strategies, providing valuable insights into the dynamics of large-scale cryptocurrency transactions and their immediate effects on the market.

With whale accumulation and broader market bullishness, the Dogwifhat coin is likely to break the overhead trendline. This breakout will release the bullish momentum and chase the potential target of $3.7, followed by $4.86.

Technical Indicator

  • BB Indicator: The reduced range of the Bollinger Band indicator reflects increasing volatility in the market and the need for a decisive breakout.
  • Relative Strength Index: The daily RSI slope wavering around 50% accentuates a neutral market sentiment.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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