Dogwifhat Price Eyes Rally to $6 Following $4.2 Million Whale Investment
Dogwifhat Price: With Bitcoin price upswing from $60000, the cryptocurrency market witnessed ease from the early week sell-off. While the renewed recovery momentum uplifted a majority of major cryptocurrencies, the Meme sector provides assets with the highest gainers sticking to their traditional nature as rapidly moving coins. According to the latest data from Coinmarketcap, the leading Meme cryptocurrency boasts a market capitalization of $51.2 billion, reflecting a daily surge of 2%.
Dogwifhat Price Seeks Breakout from Sideways Trend
Dogwifhat, the Solana-base meme cryptocurrency has been trading sideways for a month now, resonating with two horizontal levels, $3.57 and $2.2. The coin price rebounded thrice from both levels indicating no clear dominance from buyers to sellers so far.
However, Lookonchain recently reported a significant transaction where a “whale” investor bought 1.4 million WIF tokens for a $4.2 million USD Coin (USDC). This purchase was made for $2.99 per WIF. The investor, an early trader of WIF, has accrued over $8 million in profits from trading this cryptocurrency. This transaction underscores the whale’s confidence in WIF’s potential and hints at a bullish recovery.
A whale spent 4.2M $USDC to buy 1.4M $WIF at $2.99 5 hours ago.
This whale was an early trader of $WIF and made a total profit of more than $8M on $WIF.https://t.co/UWIt3TBsVQ pic.twitter.com/KYAsIZJ7AG
— Lookonchain (@lookonchain) May 10, 2024
Therefore, with the Bitcoin price projecting bottom formation at $60000, the altcoin market could witness accelerated buying pressure. Thus, the WIF price is likely to break the overhead resistance of $3.57 which will release the buildup bullish momentum.
The post-breakout rally could bolster the Dogwifhat coin to challenge the $4.85 and target the $6 mark.
However, on a contrary note, if the post-Bitcoin halving correction prolongs, the WIF price could tease a breakdown below $2.2. A price slip below $2.26 will accelerate the selling pressure and lead to a prolonged correction to $1.75.
Technical Indicator
- BB Indicator: A narrow range of Bollinger Bands indicators usually highlights uncertainty among market participants and a need for a decisive breakout to return on the directional rally.
- Relative Strength Index: The daily RSI slope wavering around the midline of 50% accentuates a neutral sentiment in the market.
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