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

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.

GjRacG spent 14,732 $SOL($1.93M) to buy 1.15M $WIF at $1.67. 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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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

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.