What’s Next For Dogwifhat Price After 300% Weekly Surge

Dogwifhat Price: The meme cryptocurrency started witnessing a massive inflow last week, uplighting popular assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin(PEPE), into an extended rally. Amid this memecoin euphoria, the Solana-based Dogwifhat also emerged as one of the high weekly gainers rising from $0.285 to the current trading price of $1.214, registering a 315% growth.

Also Read: Who Let the Dogs Out? What Dog-Themed Meme Coins are Rallying?

Dogwifhat’s Triangle Breakout Signals Strong Market Dominance

From early January to late February, the Dogwifhat coin price witnessed a sideway action resonating within two converging trendlines of the triangle pattern. This chart pattern represents a brief consolidation period whose breakout reveals the dominant force in the market.

On February 26th, the WIF price gave a bullish breakout from the triangle pattern, providing buyers with suitable support to lead sustainable growth. The post-breakout rally surged the Dog-themed memecoin by 195% to hit a new all-time high of $1.35.

 A recent analysis by Lookonchain has revealed a significant transaction by a cryptocurrency whale, who moved 7,059 Solana ($SOL) worth approximately $918K from Binance to purchase 673,394 of a token referred to as $WIF at $1.36. 

This latest acquisition adds to the whale’s previous investment of 16,857 $SOL (around $2M) for 2.82 million $WIF at an average price of $0.71. The combined transactions have resulted in an unrealized profit of approximately $1.35 million for the investor offering retail traders a better conviction for the potential of a prolonged rally.

Also Read: Dogwifhat (WIF) Price Rallies 200% Amid Memecoin Rally, Robinhood Announces Support

Key Support Level to Amid Potential Correction

While the current market outlook projects a bullish trend for Dogwifhat, the ongoing momentum is less likely to continue if not provided with favorable news. If the coin price entered a new correction from $1.35 resistance, the WIF price may plunge to the potential support of $1.05 and $0.86, coinciding with the 23.6% and 38.2% Fibonacci retracement levels

Technical Indicator

• Exponential Moving Average: The fast-moving 20-and-50 EMA slope may act as the first line of defense for coin buyers,
• Average Directional Index: The ADX slope at 39% reflects the Dogwifhat buyers are leading an exhausted rally which may cause a minor pullback to regain strength.

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