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Highlights
- A healthy retracement may bolster Dogwifhat price and prolong the current recovery trend.
- The new correction in WIF price may face immediate support at $1.8 to $1.5.
- The intraday trading volume in Dogwifhat is $ $1.24 Billion, indicating a 48% gain.
Dogwifhat Price: The meme cryptocurrency has emerged as a high-performance sector in the last two weeks as assets like Shiba Inu, Dogecoin, Pepe coin, and Dogwifhat have showcased triple-digital gains. Despite the recent sell-off in the broader market, these managed an immediate rebound to display sustainability at higher prices. Will the recovery momentum push the WIF price to $2.5?
Also Read: WIF Crossed $2 Amid SHIB & DOGE’s 5% Dip, Meme Coins Buzz To Continue?
Here’s Why Dogwifhat Price is Poised for Correction
The Solana-based meme coin Dogwifhat entered a more aggressive recovery trend last February as the broader market witnessed a massive inflow in this sector. From the swing low of $0.081, the coin price surged to 151% to reach the current trading price of $0.158. However, the WIF price witnessed additional momentum earlier this week as the world’s largest cryptocurrency exhausted Binance listed this coin.
However, with the Bitcoin price facing supply pressure from $69000, the WID price sparks a new correction from $2.3. Currently trading at $1.88, the coin price retests the Fibonacci retracement level of 23.6%.
With sustained selling, the pullback may plunge to $1.5 or $1.28 potential support which aligns with the 38.2% and 50% FIB levels respectively. A correction to this degree is still healthy for the Dog-themed coin as buyers would gain sufficient momentum to propel the next leap.
Also Read: Top Reasons Why dogwifhat Might Reach $3 Soon
$5 Million Bet on $WIF: Whales’ Confidence Signals Bullish Outlook
Two significant whale transactions have captured the attention of the cryptocurrency community, as reported by Lookonchain. The first involved a wallet address, 87Hnwj, purchasing 1.82 million $WIF tokens for 23,400 $SOL, totaling around $3.06 million, at a price of $1.69 per token. Shortly after, another whale, identified by the address GjRacG, acquired 1.15 million $WIF tokens with 14,732 $SOL, equivalent to $1.93 million, at $1.67 each.
These transactions, totaling $5 million for 2.97 million $WIF, highlight strong investor confidence in $WIF’s potential, leveraging the Solana blockchain for these substantial investments. This activity underscores the strategic positions taken by whales in the crypto market, reflecting their bullish outlook on $WIF’s future performance.
The $WIF price rose ~40% again today!
We noticed that 2 whales spent 38,132 $SOL($5M) to buy 2.97M $WIF!
87Hnwj spent 23,400 $SOL($3.06M) to buy 1.82M $WIF at $1.69.https://t.co/RE95o1BoJl
GjRacG spent 14,732 $SOL($1.93M) to buy 1.15M $WIF at $1.67.https://t.co/pg5mJTArvo pic.twitter.com/PD76cpBbCp
— Lookonchain (@lookonchain) March 6, 2024
Technical Indicator
- EMAs: The fast-moving 20-and-50 EMA slope acts as an additional layer of support for WIF to sustain the recovery trend.
- Directional Moving Index: The daily DMI nearing a bearish crossover may reflect the weakening bullish momentum and encourage potential pullback.
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