Based

Dynamic

Token

Memecoin

USDC

The memecoin Dogwifhat, based in Solana, surged with the general market momentum. Dogwifhat saw a notable 5% price increase and recovered from a critical support level within a triangle pattern, indicating a promising trajectory for recovery soon. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/f8_6CfhnEVEFZSlLvD4ALBqY0UC9f0RykYtZlSKK34XVsWk-mGS1D3r2CYtKpX2xJ48bpK7aqyLQ6UDX8ehFBmCir2a_CyZDHLInocmmFRXG-si5-1ZEytQFKH1oZbsBWBZgsG4xY-XAsjBpVO-XNb8" alt="f8 6CfhnEVEFZSlLvD4ALBqY0UC9f0RykYtZlSKK34XVsWk mGS1D3r2CYtKpX2xJ48bpK7aqyLQ6UDX8ehFBmCir2a CyZDHLInocmmFRXG si5 1ZEytQFKH1oZbsBWBZgsG4xY XAsjBpVO XNb8">
 <figcaption class="wp-element-caption">
 Dogwifhat Price Analysis, Source: <a href="https://www.tradingview.com/x/qzaK8k3w/" target="_blank" rel="noreferrer noopener">TredingView</a>
 </figcaption>
</figure> 
Dogwifhat has been trading sideways in a triangular pattern made up of convergent trendlines for the last two months. Dynamic support and resistance levels limit price movement, which is frequently seen as a consolidation stage before the asset resumes its present trend. 
As the price of Bitcoin continues to hold above $66,000, the price of WIF recovered from the pattern’s bottom support trendline and formed a morning star candle. The triangle structure’s reversal pattern suggests that there may be one more upswing, which might drive the price of Memecoin back to $3. 
The on-chain data tracker Lookonchain has <a href="https://x.com/lookonchain/status/1792421362986049785?t=huD2B6zYE2wyuZjg7kEDbw&amp;s=35" target="_blank" rel="noreferrer noopener">discovered</a> a notable whale purchase of $WIF tokens. The whale, hoping to obtain $WIF, opened a new wallet and took 1.83 million USDC from Coinbase. 
The whale has given $606,000 USDC to purchase about 227,896 $WIF at an average price of $2.66. After this transaction, the whale’s remaining balance is $1.22 million $USDC, showing that the acquisition is still in progress. 
The whale’s ongoing acquisition of WIF suggests a strong bullish sentiment and could increase the token’s market value. To release the building’s bullish momentum, the Dogwifhat requires an upside breakout from the triangular pattern. A rally to $3.7 and then $4.86 might be driven by the post-breakout rally. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/29/solana-based-dogwifhat-token-soars-40-past-listing-on-bybit/" target="_blank" rel="noreferrer noopener">Solana Based DogWifHat Token Soars $40 Past Listing on Bybit</a> 
</blockquote>

Dogwifhat Price Analysis Suggests $3 Breakout

The Crypto Times

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