Dogwifhat Price Analysis: WIF Eyes $3 as Whales Ramp Up Purchases

Highlights

A downsloping trendline governs the current correction trend in WIF price.
As per the data from Coinmarketcap, the top meme coins contribute to the market cap of $47.5, while the 24-hour trading volume wavers around $3.9 Billion.
The 24-hour trading volume in Dogwifhat is $344 Million, indicating a 35% loss.

Dogwifhat Price Analysis: The cryptocurrency market has seen diminished volatility this week as Bitcoin has stabilized above $60,000 psychological support. The fresh consolidation in BTC marked by neutral candles for the daily chart shows no clear initiation from sellers or buyers. However, the ease from prevailing bearish momentum was enough for meme sectors to spark for fresh reversal. The major asset of this fast-moving asset class Dogwifhat projected a notable recovery.

Also Read: AlsoRead: Popular Analyst Predicts BTC Price Reversal After A Dip To This Level

Dogwifhat Price Analysis: $4.65 Million Purchase Aims to Push WIF Rally.

CRYPTO:WIFUSD Chart Image — Dogwifhat Price Analysis| Tradinview

June month correction was harsh for Dogewifhat investors as its price plunged from the high of $4.07 to $1.47 registering a 63.5% loss. The downfall plunged the asset below the 61.8% Fibonacci retracement level, which is usually considered a weak conviction from buyers by allowing such a deep counter-trend move.

However, this week the broader market supply pressure eased, allowing the WIF price to hold above $1.5. A bullish turnaround accompanied by whale accumulation has uplifted the asset 31.5% to trade at $1.94, while the market jumped to $1.935 Billion.

According to a recent tweet from on-chain data tracker Lookonchain, the largest holder of WIF has made significant moves in the market. This individual spent 4.65 million USDC to purchase 2.3 million WIF for $2.03 per token earlier this week.

The largest holder of $WIF spent 4.65M $USDC to buy 2.3M $WIF at $2.03 8 hours ago!

He currently holds 23.39M $WIF($49.6M), with a profit of ~$83M on $WIF!

He is also the one who spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF in one trade.

Address:https://t.co/5fd4VETnts… pic.twitter.com/EHbdZVBHl9

— Lookonchain (@lookonchain) June 26, 2024

This strategic buy brings the holder’s total to 23.39 million WIF, currently valued at $49.6 million, yielding a substantial profit of approximately $83 million. These substantial investments highlight the holder’s confidence in WIF’s potential and their strategic approach to accumulating the asset.

With an intraday loss of 8.3%, the Dogwifhat price shows a bearish reversal from the downsloping trendline carrying the current correction trend. If the resistance is intact, the sellers could extend the correction trend and plunge the asset below the $1.47 low.

However, a breakout from the falling trendline will signal the end of the correction trend and bolster buyers to rechallenge the high of $4.85.

Technical Indicator

BB indicator: An upswing in the lower boundary of the Bollinger Band indicator reflects the losing momentum of buyers and additional support for buyers.
RSI: The daily Relative Strength Index (RSI) slope surged over the oversold region to 40% indicating the increasing accumulation trend in market participants during the market dip.

Frequently Asked Questions (FAQs)

1. What is a "Fibonacci Retracement Level" in trading?

A Fibonacci retracement level is a technical analysis tool derived from the Fibonacci number sequence. It helps traders identify potential reversal levels on price charts. The 61.8% level, mentioned in the article.

2. How does the "Bollinger Band" indicator work in market analysis?

The Bollinger Band is a technical analysis tool that consists of a set of trend lines plotted two standard deviations (positively and negatively) away from a simple moving average (SMA) of a stock's price. It helps measure market volatility and identify overbought or oversold conditions.

3. What does "Whale Accumulation" mean in

Whale accumulation in cryptocurrency refers to the scenario where individuals or entities with large amounts of capital (whales) purchase significant quantities of a cryptocurrency

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Sahil Mahadik

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

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