Price Analysis

dogwifhat Price Bottomed? Whale Activity at $1.5 Signals Potential Reversal

Dogwifhat Price Shows Signs of Recovery After 70% Drop, Investors Eye $1.5 for Sustainable Rebound.
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dogwifhat Price Bottomed? Whale Activity at $1.5 Signals Potential Reversal

Highlights

  • The resurgence of buying interest around the $1.5 mark, coupled with accumulation by large-scale investors, suggests a potential formation of a price bottom.
  • The 20-day EMA slope acts as dynamic resistance against a bullish bounce in WIF price.
  • The 24-hour trading volume in Dogwifhat is $715 Million, indicating a 67% gain.

dogwifhat Price: On Tuesday, the cryptocurrency market showcased ease from prevailing selling pressure as Bitcoin shows sustainability above $60000. The renewed demand pressure has sparked a relief rally in altcoin especially in the Meme coin sectors. Dogwifhat (WIF), the Solana-based memecoin records a 24% in the last 24 hours, projecting a higher potential for recovery. But will it sustain?

Also Read: Expert Analysts Predict Further Drop in Crypto Market: Bitcoin Cash, BNB, Kaspa and Rollblock Price Analysis

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dogwifhat Price Eyes Key Resistance Levels in Recovery Effort

dogwifhat Price| Tradingview

The Dogwifhat (WIF) has been under a correction trend for the last three months after its price topped $4.86. The bearish turnaround has tumbled the asset to a low of $1.47 projecting a loss of nearly 70%.

However, the broader market correction witnessed a cool-off on Tuesday, pushing the WIF price immediately to $1.9, while its market cap recovered to $1.9. The meme cryptocurrencies often show dynamic moves in a sudden change market due to their volatile nature. As per the data from coinmarketcap, the Top memecoin contributes to a market cap of $46.9 Billion, registering an 8.5% intraday gain.

According to on-chain data tracker Lookonchain, a savvy investor recently acquired an additional 938,434 WIF, valued at $1.6 million, earlier today.

https://twitter.com/lookonchain/status/1805420708920803793?ref_src=twsrc%5Etfw” rel=”nofollow

The investor’s historical activity in WIF demonstrates a keen understanding of market dynamics. On December 9 and December 13, 2023, this individual purchased a substantial 3.58 million WIF, which has a current market value of $6.6 million. 

As of now, the investor’s total holdings amount to 3.97 million WIF, equating to approximately $7.3 million.

Also Read: Spot Bitcoin ETFs Vs. Spot Ethereum ETFs: Which Is The Better Buy?

An oversold asset witnessing whale accumulation is poised for a quick rebound but it’s not guaranteed to be sustained. The coin holders must watch for overhead resistances of $1.95 and $2.26 as they could revive.

With the near-term trend bearish, the development of a fresh higher low or reversal pattern is needed to confirm sustainable recovery.

The coming days to week could be sideways for the Dogwifhat, as the price needs to stabilize above $1.5 psychological support.

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Technical Indicator

  • EMAs: A bearish crossover between the 20-50-100-day Exponential Moving Average indicates aggressive selling pressure and the path to least resistance downward.
  • Relative Strength Index: The daily RSI slope reverted from the oversold region to 37% indicating increased buying pressure from investors hunting for discount value.
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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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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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