As a researcher with a background in cryptocurrency and market analysis, I’ve been closely monitoring the recent developments in the Dogwifhat (WIF) price. Tuesday’s market recovery brought relief to altcoins and memecoins, including WIF, which saw a 24% surge in the last 24 hours.
On Tuesday, the cryptocurrency market experienced a respite from persistent selling, with Bitcoin holding steady above $60000. This renewed buying pressure has ignited a rally among altcoins, particularly in the meme coin sector. For instance, Dogwifhat (WIF), which is based on Solana, surged by 24% over the past 24 hours, suggesting a promising outlook for recovery. However, it remains to be seen if this trend will endure.
dogwifhat Price Eyes Key Resistance Levels in Recovery Effort
For the past three months, the Dogwifhat (WIF) has been on a downward correction after reaching a peak price of $4.86. This bearish shift in market sentiment caused the value of the asset to plunge to a low of $1.47, representing a potential loss of approximately 70%.
I’ve analyzed the market trends and noticed that the broader correction caused the WIF price to dip to $1.9 on Tuesday, while its market cap rebounded to the same figure. Meme cryptocurrencies tend to exhibit significant price swings due to their volatile nature. According to CoinMarketCap data, the leading memecoin boasts a market capitalization of approximately $46.9 billion, reflecting an intraday increase of 8.5%.
Based on information from the on-chain data provider Lookonchain, a clever investor purchased an extra 938,434 WIF tokens worth approximately $1.6 million just today.
An early buyer of $WIF bought 938,434 $WIF($1.6M) again 4 hours ago.
This guy bought 3.58M $WIF($6.6M currently) on Dec 9 and Dec 13, 2023, at a cost of only $21K.
He currently holds 3.97M $WIF($7.3M).
— Lookonchain (@lookonchain) June 25, 2024
Based on the investor’s past transactions in WIF, it is clear that they possess a deep knowledge of market trends. On two separate occasions in December 2023, this person bought a significant amount of WIF – specifically, 3.58 million units. The current worth of this purchase is estimated to be around $6.6 million.
Currently, my crypto holdings add up to around 3.97 million WIF, which is roughly equivalent to seven and a half million dollars in value.
As a researcher studying the cryptocurrency market, I’ve noticed an asset that has been heavily bought up by large investors, or “whales,” despite its oversold condition. This situation suggests a potential for a quick rebound, but it’s important to remember that such rebounds aren’t always sustained. Coin holders should remain vigilant and keep an eye on the resistance levels of $1.95 and $2.26. These levels have historically acted as barriers to price increases and could potentially halt any rebound in this asset.
If the short-term outlook is pessimistic with a downward trend, then forming a new lower high or a reversal pattern could signal a potential turnaround for a lasting uptrend.
Over the next few days to a week, the Dogwifhat’s price may move sideways. It requires climbing above the $1.5 psychological resistance level in order to establish stability.
Technical Indicator
- EMAs: A bearish crossover between the 20-50-100-day Exponential Moving Average indicates aggressive selling pressure and the path to least resistance downward.
- Relative Strength Index: The daily RSI slope reverted from the oversold region to 37% indicating increased buying pressure from investors hunting for discount value.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- EUR KRW PREDICTION
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
- BEN PREDICTION. BEN cryptocurrency
- Top gainers and losers
2024-06-25 16:22