Dogwifhat (WIF) Meme Coin Gains Attention Following Whale Accumulations

Solana memecoin Dogwifhat (WIF) is gaining attention following significant whale accumulations. In the last two weeks, two whale addresses have bought a total of 20.58 million WIF tokens.

Solana meme coin Dogwifhat (WIF) has caught the attention of the crypto community following significant whale accumulations. According to on-chain data, two whale addresses have purchased a total of 20.58 million WIF tokens from Binance and Bybit exchanges over the past two weeks. These tokens are valued at approximately $33.35 million.

The large-scale purchases have sparked optimism among traders and investors, who are now anticipating a price recovery even during the market consolidation. Two whales have now acquired 20.58M $WIF($33.35M) from #Binance and #Bybit in the past 2 weeks!https://t.co/4bnfADQpqGhttps://t.co/FOWIMI1S0P pic.twitter.com/tOUIDlDEXY

As per the on-chain metrics, the two addresses, which are most likely operated by whales or large trading firms, have been observed to be actively accumulating WIF tokens. These addresses have acquired the tokens from Binance and Bybit, two of the biggest cryptocurrency exchanges in the world.

With September being known for its poor market performance, these whales may be attempting to buy the dip and increase the value of WIF in the coming months. However, experts are predicting a positive movement in Q4. This, coupled with the whale activity, could create a favorable market environment. Dogwifhat (WIF) Technical Analysis Signals a Potential Breakout

On the WIF price chart, we can observe a potential breakout from a long-term falling wedge formation. Since April 2024, the meme coin has been on a downward trend, reaching a high of $4.8571 before falling to $1.07. However, the recent price action shows the formation of a double-bottom reversal pattern, indicating a possible price increase.

Technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are also displaying positive signs for an upward movement, increasing the chances of a price breakout. If WIF can maintain its current trend, it could easily break through the $2 resistance level and continue rising, according to analysts.

On the 4-hour chart, WIF has broken out of the triangle and is now above the 200-day exponential moving average. This breakout has provided more upward pressure, with analysts eyeing the Fibonacci levels of $2.04 and $2.52. Should this trend continue, WIF may easily break through its key resistance levels. Higher resistance is anticipated at $175, a level that if violated would enable the continuation of the bullish trend of WIF.

$WIFThere is literally no chart pattern/constellation that's more bullish than this WIF chart right now. My opinion.https://t.co/lhAHV0PlTX https://t.co/jt6VVpaYG9 pic.twitter.com/8viUfnBnBT

Failure to sustain the price above the $1.55 support level, however, may open the door for further declines, with the next key support being at $1.50. A move below $1.50 could pave the way for further selling, with a target in the $1.40 or even the $1.30 region.

Dogwifhat (WIF) Price Trend Bearish

At the moment, WIF is trading bearishly, with prices dropping to $1.55. This marks an 8.15% decrease in value over the last 24 hours. A major decline in trading volume is also evident, as it stands at 3875% lower, which could be attributed to selling pressure or a lack of buyer interest at these prices. The initial support for WIF is seen at around $1.55, with the price likely to face resistance at $1.65 if it bounces back.

In the derivatives market, WIF has experienced a trading volume decline of 30.08%, falling to $853.26 million. This decline can be observed in the fact that the traders might have become less aggressive in taking new positions owing to the prevailing market conditions.

Moreover, WIF’s open interest has gone down by 9.06% to $211.91 million, which may be construed as bearish, as traders may be liquidating their positions instead of opening new ones.

However, some traders remain optimistic, as the current price fluctuations and other technical aspects of WIF suggest a possible rebound. The ongoing whale accumulation could be the key driver for price rise, only if the buying interest comes back and volume rises again.

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