Dogwifhat Price: Within the past fortnight, the meme cryptocurrency sector has demonstrated remarkable performance, with assets such as Shiba Inu, Dogecoin, Pepe coin, and Dogwifhat exhibiting triple-digit gains. Despite the recent market sell-off, these assets swiftly bounced back, indicating resilience at elevated levels. Could this recovery momentum drive the WIF price to $2.5?
In February, the Solana-based meme coin Dogwifhat embarked on a robust recovery trajectory amidst a surge in the broader market. Starting from a low of $0.081, the coin’s value skyrocketed by 151% to its current trading price of $0.158. Furthermore, earlier this week, the WIF price gained further momentum following its listing on Binance, the world’s largest cryptocurrency exchange.
Amid ongoing selling pressure, the pullback could potentially decline to $1.5 or $1.28, representing potential support levels that correspond to the 38.2% and 50% Fibonacci retracement levels, respectively. Such a correction remains beneficial for the Dog-themed coin, as it would allow buyers to accumulate momentum for the next upward move.
The cryptocurrency community’s attention was drawn to two notable whale transactions, as detailed by Lookonchain. In the first instance, a wallet address, 87Hnwj, acquired 1.82 million $WIF tokens for 23,400 $SOL, amounting to approximately $3.06 million, at a rate of $1.69 per token. Following shortly after, another whale, identified by the address GjRacG, procured 1.15 million $WIF tokens using 14,732 $SOL, totaling $1.93 million, at a price of $1.67 per token.
These transactions, aggregating to $5 million for 2.97 million $WIF tokens, demonstrate robust investor confidence in $WIF’s potential, as evidenced by their significant investment leveraging the Solana blockchain. Such activity highlights the strategic positions adopted by whales in the crypto market, indicative of their optimistic outlook on $WIF’s future performance.
Technical Indicator Update: EMAs: The 20-and-50 EMA’s upward slope serves as supplementary support for WIF, reinforcing its recovery trajectory. Directional Moving Index: The nearing bearish crossover on the daily DMI suggests a potential decline in bullish momentum, hinting at a possible pullback.
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