Price Analysis

Is Dogwifhat Price Heading to $2.5? Whale Accumulation Hints WIF’s Peak is Yet to Come

The high momentum rally in Dogwifhat price may need a minor pullback to restore bullish momentum.
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Is Dogwifhat Price Heading to $2.5? Whale Accumulation Hints WIF’s Peak is Yet to Come

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?

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Here’s Why Dogwifhat Price is Poised for Correction

Dogwifhat Price| Tradingview

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

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$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.

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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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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