Dogwifhat (WIF)
Dogwifhat Price Set to End 5-Month Correction Amid Whale Accumulation
Dogwifhat price plunged 3.5% to $1.9 on Sunday trading sessions, underperforming in the less volatile weekend. However, the pullback is nominal compared to the early week rally, indicating a cool-off to recuperate the bullish momentum. Thus, the WIF price is poised for renewed recovery amid whale accumulation and open interest spike in future markets.
Dogwifhat Price Soars as Key Investor Acquires 800K WIF
According to the on-chain tracker Lookonchain, the leading holder of Dogwifhat, has significantly increased its stake by purchasing 800,556 WIF tokens for $1.92 each, using 1.54M USDC. This acquisition raised their total holdings to 28 million WIF, with a market value of $53.23 million.
Additionally, the investor demonstrated aggressive buying behavior by depositing $35.48 million worth of WIF into Kamino over the past three days and securing a $3.24 million USDC loan to purchase an additional 1.8 million WIF.
The largest holder of $WIF spent 1.54M $USDC to buy 800,556 $WIF at $1.92 again!
This whale currently holds 28M $WIF($53.23M), and the profit on $WIF has exceeded $77M!https://t.co/MYA8tsXYpe pic.twitter.com/V37j7egQsI
— Lookonchain (@lookonchain) August 25, 2024
Such substantial investments by major stakeholders typically exert upward pressure on the asset, contributing to a sustained market recovery.
The Dogwifhat price currently trades at $1.9, boosting a market cap of $1.9 Billion.
Additionally, the open interest for WIF in the futures market surged from $192.8 million to $264.1 million within a week, marking a 37% increase, according to Coinglass. This significant growth suggests a rising interest among investors, indicating strong market confidence or speculative activity.
WIF Price Nearing a Major Breakout
This week, the cryptocurrency market witnessed a notable recovery amid a Bitcoin price rally of above $64000. Following the momentum, the dog-themed memecoin Dogwifhat bounced from $1.39 to $1.9, registering a 36% growth.
An analysis of the daily chart reveals this upswing as the development of a falling wedge pattern— a major reversal pattern since March 2024. While the two converging trendlines of the pattern drive a steady downtrend, in theory, it signals diminishing bearish momentum. Thus, with sustained buying, the Dogwifhat price could rise 12% before challenging the overhead trendline at $2.1.
A potential breakout will signal a major shift in market trend and bolster a rally to $2.9, followed by $4.
Conversely, the overhead trendline has strengthened traders’ confidence against the sell-on-rallies sentiment. Additionally, the 100-day exponential moving average, which aligns with the downsloping resistance, could prompt another reversal in Dogwifhat price, potentially invalidating the bullish breakout.
Frequently Asked Questions (FAQs)
Dogwifhat is poised for recovery due to significant whale accumulation and a 37% surge in open interest in the futures market
A breakout above the overhead trendline at $2.1 could signal a major shift in the market trend for WIF price
The overhead trendline and the 100-day exponential moving average, coinciding with the downsloping resistance, could trigger a reversal.
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
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogwifhat price surged 4.5% to $1.45 on Monday during the Asian trading session. The bullish uptick follows the broader market relief after a notable correction last week. While most major altcoins have yet to confirm bottom formation, the highlighted interest from the WIF whale hints at a potential reversal looming.
Dogwifhat Price Set for Reversal Amid Whale Buying Frenzy
According to the on-chain data tracker Lookonchain, a whale accumulated 9.57 Million WIF(worth approximately $13.59M) from major crypto exchanges Binance and Bybit in the past four days. Typical whale accumulation is observed to coincide with major bottom formation, and they surge in positive market sentiment.
A whale has accumulated 9.57M $WIF($13.59M) from #Binance and #Bybit in the past 4 days!https://t.co/4bnfADQpqG pic.twitter.com/To4yLQOS9F
— Lookonchain (@lookonchain) September 2, 2024
The Dogwifhat price is currently trading at $1.46, a significant drop of nearly 70% from its all-time high of $4.85. However, the recent whale activity isn’t limited to the accumulation mentioned above as the largest Dogwifhat whale recently purchased 800,556 WIF, increasing their total holdings to 28 million WIF, valued at $53.23 million.
Moreover, the WIF funding rate spiked to 0.016% on Monday, according to Coinglass. The positive value indicates the market buyers are ready to hold Dogwifhat’s long position by paying a premium, signaling the traders’ anticipation for recovery.
WIF Price Nearing End-of-Correction Amid Wedge Pattern Formation
For over a month, the Dogwifhat price has shown a sideways action wavering around the $1.65 mark. This consolidation trend, with notable swings on either side, indicates no dominance from buyers or sellers in driving this asset.
However, a broader perspective shows the WIF price still resonates within the two converging trendlines of the falling wedge pattern. This chart pattern signals a downtrend reaching maturity and could provide a decisive breakout for a fresh buying opportunity.
If the pattern holds true, the Dog-themed memecoin could surge 20% to challenge the resistance trendline of the falling wedge pattern. If the buyers flip this overhead trendline into potential support, the renewed recovery could target $2.9, followed by $4 and $4.85.
On the contrary, a bearish alignment between the daily exponential moving averages (20, 50, and 100) hints the Dogwifhat price will face continued overhead selling pressure. Therefore, a price reversal from the downsloping trendline will prolong the ongoing correlation and push the asset back to $1.
Frequently Asked Questions (FAQs)
The Dogwifhat price surged by 4.5% due to increased whale accumulation and a positive shift in funding rates,
The recent whale accumulation of 9.57 million WIF tokens suggests confidence in WIF price recovery.
Despite positive signals, the bearish alignment of daily exponential moving averages suggests continued overhead selling pressure.
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
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogwifhat price analysis reveals a 2% drop on Sunday, hastily approaching the multi-month support of $1.5. Amid the broader market correction, most major altcoins, especially the meme cryptocurrency sector, witnessed significant corrections due to their volatile nature. The WIF price at the $1.5 floor indicates pivotal momentum for a potential rebound or accelerated correction ahead.
Also Read: Bitcoin Crashes Recession Fears Grip Markets: Should You Buy The Dips?
Dogwifhat Price Analysis: Key Support Level in Jeopardy
The cryptocurrency market recorded a notable downturn in the past two weeks. This selling pressure was initiated with Bitcoin’s reversal from the $70000 level and escalated mid-week amid geopolitical tension in the Middle East and recession fear.
The meme coin sector faced a significant impact as it rushed with market sentiment and speculative trading. The Dogwifhat price analysis shows a correction from $2.9 high to $1.57, registering a 46% loss within a fortnight. Consecutively, the market cap fell to $1.58 Billion.
Mirroring the price correction, the Dogwifhat coin has seen a notable decline in Open Interest since late July. Data from Coinglass shows that WIF’s Open Interest plummeted from $389 million to $239 billion, a decrease of 38%. This significant drop in OI indicates a reduced commitment or market liquidity for WIF, possibly pointing to waning investor confidence to bolster the price drop.
The daily chart shows WIF’s price trading below the descending Exponential Moving Averages (20, 50, and 100), highlighting a bearish sentiment.
If selling pressure persists, the coin sellers could pierce $1.5 support and trigger a 27% drop to seek support of $1.1.
Also Read: Breaking: Bitcoin Reserve Bill Referred To Banking Committee in US
However, the $1.1 support level aligns with the support trendline of a falling wedge pattern, which may encourage buyers and revive bullish momentum. The chart setup features two converging trendlines that indicate waning bearish momentum over time.
Moreover, the momentum indicator RSI is nearing the oversold territory, which could entice buyers looking for a discounted asset.
A potential rebound could bolster the Dogwifhat price to challenge the overhead trendline at $2.7, registering a potential gain of over 60%.
Frequently Asked Questions (FAQs)
Open Interest represents the total number of outstanding futures or options contracts that have not been settled. A high Open Interest means many traders are actively participating, which typically indicates strong market confidence and liquidity, while low OI data signals that many traders are closing their positions
The $1.5 floor stands are immediate major support, while the $2.2 stands as firm resistance.
A falling wedge pattern occurs when an asset’s price consolidates between two downward-sloping converging trendlines. It often suggests a potential bullish reversal.
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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
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Investors beamed with enchanting hope for the start of the awaited bull run after the cryptocurrency market turned around this week. Bitcoin led the charge to $65,000, triggering a broader bullish wave. Meanwhile, dogwifhat price prediction reveals WIF is poised for an extended run likely to double its value in the coming weeks.
Meme coins have collectively slipped 3.2% based on CoinGecko data. Shiba Inu leads the correction with a 9% loss in 24 hours following news of a hacker siphoning more than 5 trillion SHIB from the Indian crypto exchange WazirX.
Dogecoin, Mog Coin, Bonk, and Brett are some of the other meme coins bleeding on Thursday. Despite the pullback, some coins in this segment still hold onto double-digit weekly gains like Popcat a with 77% increase, dogwifhat with 40%, and Pepe Coin with 30%.
Dogwifhat Price Prediction: WIF Gears Up For A Major Breakout
The leading Solana-based meme coin started this week’s trading on a positive note, rebounding from support at $1.5. As traders bought into WIF the price gained momentum to exchange at $2.37.
Several indicators back the uptrend starting with the 50-day Exponential Moving Average (EMA) at $2.19. Holding above this means buyers have an upper hand and that sentiment is bullish.
The Moving Average Convergence Divergence (MACD) backs the uptrend after confirming a buy signal in the daily timeframe. This bullish outlook could further drive traders to increase buy orders, eventually increasing the chances of WIF breaching the critical hurdle at $2.5.
Should bulls desire to break free from bearish shackles and guide dogwifhat price rally 2x to the previous all-time high of $4.85, they must move swiftly to annihilate the seller congestion at the blue descending trend line.
WIF Bags 2 Bullish Cross Pattern
A shorter timeframe analysis points to the SuperTrend indicator flipping to trail WIF price. The SuperTrend indicator simplifies trend following by combining price action and volatility (ATR) to plot a dynamic line.
It helps traders identify potential entry and exit points based on the line’s direction relative to the price. Dogwifhat will remain in the good graces of the bulls as long as the Super Trend line trails the price on the chart.
At the same time, two golden cross patterns have recently emerged in the chart validating the bullish thesis.
A golden cross forms when a short-term moving average decisively crosses above a long-term moving average, with Dogwifhat price prediction signaling a potential shift from a downtrend to an uptrend. Their appearance in the four-hour chart suggests increasing buying pressure and bullish sentiment.
Frequently Asked Questions (FAQs)
The last few days have been bullish for most cryptocurrencies but especially for Solana-based meme coins seeing impressive double-digit gains.
The leading Solana meme coin is available for trading on the most popular CEXs and DEXs including Binance, OKX, Raydium, and more.
Meme coins exhibit extreme volatility in the crypto market. They can explode instantly but also crash in large margins. Investors must be cautious when investing in meme coins like WIF.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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