- Dogwifhat price broke a descending trendline on Tuesday and trades above $2 on Wednesday.
- On-chain data shows that the largest WIF holder has accumulated 2.3 million tokens worth $4.67 million.
- A daily candlestick close below $1.54 would invalidate the bullish thesis.
Dogwifhat (WIF) price broke out of a descending trendline on Tuesday and is trading above $2 as of Wednesday. On-chain data reveals that the largest whale has accumulated 2.3 million tokens valued at $4.67 million, indicating potential for an upside rally in the coming days.
WIF whale accumulate
Data from Lookonchain shows that the largest holder of WIF has bought 2.3 million tokens worth $4.67 million. This whale holds 23.39 million WIF tokens worth $49.6 million, with a profit of $83 million.
In addition, the holder also spent 86,738.1 Solana tokens worth $8.65 million in one trade to buy 17.22 million WIF tokens.
The largest holder of $WIF spent 4.65M $USDC to buy 2.3M $WIF at $2.03 8 hours ago!
— Lookonchain (@lookonchain) June 26, 2024
He currently holds 23.39M $WIF($49.6M), with a profit of ~$83M on $WIF!
He is also the one who spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF in one trade.
Address:https://t.co/5fd4VETnts… pic.twitter.com/EHbdZVBHl9
WIF price shows potential
Dogwifhat price broke out of a descending trendline on Tuesday and is trading above $2 as of Wednesday. This trendline is drawn by joining multiple swing high levels from June 5 to June 25.
If this trendline holds as pullback support and the WIF price closes above the $2.10 daily resistance level, it could rally 25% to retest its daily high of $2.64 from June 17.
The Relative Strength Index (RSI) on the daily chart is rising from an oversold condition and looking to break above the mean value of 50. The Awesome Oscillator (AO) indicator is below the mean zero level. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. This development would provide additional momentum to the ongoing recovery rally.
WIF/USDT daily chart
Even though on-chain metric and technical analysis point to a bullish outlook, if Dogwifhat’s price makes a daily candlestick close below $1.54, the bullish thesis would be invalidated by creating a lower low on the daily chart. This development could see WIF's price crash by 35% to retest the March 5 low at $1.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP holds steady above $0.47 as Ripple President breaks silence on Real USD stablecoin
Ripple President Monica Long recently appeared on The Block Podcasts and addressed XRP trader concerns about the stablecoin’s launch. The payment remittance firm’s stablecoin is called Real USD (RLUSD) and is slated for launch in 2024.
Bitcoin Weekly Forecast: BTC price correction could end in July, according to seasonal data
Bitcoin price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.
TON and Telegram narrative may be overvalued according to new research
Toncoin, Telegram narrative may be overestimated according to analysts at Blockworks Research. The social media messaging app has a relatively low number of daily active users, and no EVM compatibility.
Dogecoin price poised for 13% rally after finding support on a key level
Dogecoin price has stabilized around $0.118, aligning with the 200-week Exponential Moving Average (EMA), while on-chain data reveals a rising trend in DOGE's development activity, reflecting optimistic sentiment among investors.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.