dogwifhat Price Analysis
This week, the Dogwifhat cryptocurrency showed notable bullishness despite the general market uncertainties. The dog meme coin increased by almost 30% from $2.49 to a peak of $3.24. According to a daily chart study, this upswing occurred within a triangle pattern formation. Triangle pattern formations are known to support long-term recovery trends. Given that the price of Ethereum is sustainable at over $3600, several altcoins, such as Dogwifhat, have the potential to rise in value.
The Dogwifhat coin has been trading sideways for almost two months, keeping with the triangle pattern’s two convergent trendlines. The triangle’s area is steadily getting smaller as the two trendlines act as dynamic resistance and support, eventually triggering a clear breakout.
The WIF price is 1.9%, indicating that the triangle resistance will reverse again. This reversal suggests that the sideways movement can last a couple more weeks.
A whale just purchased 953,177 WIF for $3.13 for 17,966 SOL, or $2.98 million, according to the on-chain data tracker Lookonchain. This large purchase resulted in a roughly 7% WIF price increase.
This same whale previously showed off his ability to make calculated trades by investing $1 million USDC to buy 355,417 WIF at $2.81 on May 21. On May 22, the whale sold its trade at $3.07, receiving 1.09 million USDC and making a $90,000 profit.
A whale spent 17,966 $SOL($2.98M) to buy 953,177 $WIF at $3.13 in the past 5 hours, causing the price of $WIF to increase by ~7%.
This whale previously spent 1M $USDC to buy 355,417 $WIF at $2.81 on May 21 and then sold it at $3.07 for 1.09M $USDC on May 22, making $90K.… pic.twitter.com/4xnoKerJ0X
— Lookonchain (@lookonchain) May 26, 2024
The analysis conducted by Lookonchain illuminates the whale’s exact and successful trading techniques, offering insightful information on the workings of large-scale Bitcoin transactions and their instantaneous impact on the market.
The Dogwifhat coin will likely break through the overhead trendline due to whale accumulation and general market optimism. This breakout will release the bullish momentum, and $3.7 and $4.86 are possible targets to pursue.
Technical Measurement
- BB Indicator: The market’s growing volatility and the requirement for a clear breakout are indicated by the Bollinger Band indicator’s narrower range.
- Index of Relative Strength: The daily RSI slope’s wavy pattern around 50% highlights the market’s neutral state.
