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Highlights
- Under the influence of a symmetrical triangle pattern, the WIF price could prolong its sideways action for the coming week.
- According to Coinmarketcap data, the total market capitalization of the top meme tokens stands at $62.1 billion, reflecting an intraday increase of 0.9%.
- The 24-hour trading volume in Dogwifhat is $626 Million, indicating a 19.6% loss.
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
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.
A whale spent 17,966 $SOL($2.98M) to buy 953,177 $WIF at $3.13 in the past 5 hours, causing the price of $WIF to increase by ~7%.
This whale previously spent 1M $USDC to buy 355,417 $WIF at $2.81 on May 21 and then sold it at $3.07 for 1.09M $USDC on May 22, making $90K.… pic.twitter.com/4xnoKerJ0X
— Lookonchain (@lookonchain) May 26, 2024
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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