dogwifhat

USDC

mirror

Memecoin

dogwifhat Price Analysis: On Monday, the cryptocurrency market witnessed a minor uptick as the <a href="https://coingape.com/markets/bitcoin-price-analysis-whale-accumulation-pre-ftx-levels-btc-rally-74k/" rel="noopener noreferrer nofollow">BTC</a> showed sustainability above the $66,000 mark and jumped 1.2%. A majority of major altcoins were able to mirror this momentum including the Solana-based memecoin Dogwifhat. The coin price is up 5% and rebounded from the crucial support of the triangle pattern, signaling a significant recovery ahead.
Also Read: <a href="https://coingape.com/trending/popcat-and-dogwifhat-wif-post-weekly-outflows-heres-why/" rel="noopener noreferrer nofollow">POPCAT and Dogwifhat (WIF) Post Weekly Outflows: Here’s Why</a>
<h2 id="b-dogwifhat-coin-eyes-3-70-as-triangle-pattern-tightens-b">dogwifhat Coin Eyes $3.70 as Triangle Pattern Tightens</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/r/rWHog7f8.png" alt="BINANCE:WIFUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 dogwifhat Price Analysis| Tradingview
 </figcaption>
</figure>
Over the past two months, the Dogwifhat coin traded sideways resonating within the two converging trendlines of the triangle patterns. The dynamic support and resistance greatly influence the <a href="https://coingape.com/wif-selloff-alert-dogwifhat-tumbles-on-multiple-factors/" rel="noopener noreferrer nofollow">WIF</a> price movement squeezing it into a narrow range. This chart setup is commonly viewed as a short consolidation for an asset to have sufficient momentum to continue the prevailing trend.&nbsp;
<blockquote>
 As the Bitcoin price shows resilience above the $66000 mark, the WIF price rebounded from the pattern’s lower support trendline, developing a morning star candle. This reversal pattern bolsters for another upswing within the triangle structure which could push the Memecoin price back to $3
</blockquote>
<a rel="noopener noreferrer nofollow" href="https://x.com/lookonchain/status/1792421362986049785?t=huD2B6zYE2wyuZjg7kEDbw&amp;s=35">Lookonchain</a>, an on-chain data tracker, has identified a significant whale purchase of $WIF tokens. The whale created a new wallet and withdrew 1.83 million USDC from Coinbase, aiming to acquire $WIF. So far, the whale has spent $606,000 USDC to buy approximately 227,896 $WIF at an average price of $2.66. This transaction leaves the whale with a remaining balance of $1.22 million $USDC, indicating that the purchase process is still ongoing.
The continuous accumulation of WIF by the whale points towards a strong bullish sentiment, possibly driving up the token’s value in the market.
As per the technical chart, the Dogwifhat needs an upside breakout from the triangle pattern to release the build-up bullish momentum. The post-breakout rally could drive a rally to $3.7, followed by $4.86.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB Indicator: An upswing in the lower boundary of the Bollinger Band indicator provides additional support for WIF buyers to chase the $3 mark.</li>
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: The MACD (blue) and signal line (orange) wavering sideways around the midline indicate a neutral sentiment among market participants.</li>
</ul>
The post <a href="https://coingape.com/markets/dogwifhat-price-analysis-3-breakout-as-whale-fuels-bullish/" rel="noopener noreferrer nofollow">dogwifhat Price Analysis Hints $3 Breakout as Whale Activity Fuels Bullish Sentiment</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

dogwifhat Price Analysis Hints $3 Breakout as Whale Activity Fuels Bullish Sentiment

Table of Contents

Coingape News Media

Other articles published on May 20, 2024

Bitcoin Developers Discuss How DeFi Could be a Major Growth Catalyst

Saudi Arabia Poised for a Cautious Leap into Web3: Gaming, Innovation, and BRICS Influence

Analysts Trigger Bitcoin Price Surge

Ethereum Price Eyes ATH: Technicals Flash Green, SEC ETF Verdict Looms

Venture Capital Interest In Crypto Revives: $2.4B Poured Into Bitcoin And Crypto Firms In Q1 2024

Flipped Cat (FLICAT) Will Surge 8,300% Before Bitrue, Looks to Challenge Shiba Inu and Dogecoin

Join our free newsletter for daily crypto updates!