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Dogwifhat has been one of the most phenomenal meme coins to date, venturing well into the single-digit price range. <a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/dogwifhat">Dogwifhat price analysis</a> shows an 8.3% surge in price in the past 24 hours, triggering renewed interest among crypto investors. The price of WIF at press time is $3.24, representing a 15.5% increase in the past 7 days.
<h2 id="b-dogwifhat-price-analysis-wif-price-scouting-for-a-breakout-with-price-discovery-in-the-works-b">Dogwifhat Price Analysis: WIF Price Scouting for a Breakout, with Price Discovery in the Works</h2>
<figure id="attachment_199130" aria-describedby="caption-attachment-199130" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-199130 size-full" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1.jpeg" alt="Dogwifhat Chart" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-199130" class="wp-caption-text">
 WIF chart | TradingView
 </figcaption>
</figure>
The Dogwifhat price chart looks bullish on the macro. Since the asset was listed on <a href="https://coingape.com/cryptocurrency-exchanges/best-binance-alternatives/" rel="noopener noreferrer nofollow">Binance</a>, the price action has made higher lows, consistent with a bullish trend.
Currently, the <a href="https://coingape.com/dogwifhat-trading-goes-live-on-coinbase-wif-price-rally-inbound/" rel="noopener noreferrer nofollow">WIF price</a> is in an ascending triangle, having tested the upper boundary twice already – maybe the third time’s the charm. But having been rejected twice, this resistance around $3.5 may prove hard to break.
The Dogwifhat price is trending above the 50-day and 200-day simple moving averages, although the price action has been rather tightly interwoven with the indicators in the recent past.
Crypto analysts are over-optimistic about WIF price, calling for a breakout soon and a price surge to around $50.Trader @Crypto_Scient predicts a $50 price target for WIF based on the daily bull pennant formation, potentially pushing its market cap to $50 billion.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a>, This Daily Bull pennant of WIF has an upside price target of $50 (which would put its market cap at around $50b)
 Although it's quite possible during the blow-off top phase, I would be happy with anywhere around $10.
 Either way, the pennant resolves in approximately 1… <a href="https://t.co/JLZfB61sRx" rel="noopener noreferrer nofollow">https://t.co/JLZfB61sRx</a> <a href="https://t.co/F30sI3MBAZ" rel="noopener noreferrer nofollow">pic.twitter.com/F30sI3MBAZ</a>
 — Scient (@Crypto_Scient) <a href="https://twitter.com/Crypto_Scient/status/1794090650394153172?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
On the daily chart, the WIF price action is sporting a bull pennant, with an upside potential of 120% if a breakout happens. This would put the price of WIF around $7.5.&nbsp;
<figure id="attachment_199129" aria-describedby="caption-attachment-199129" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-199129" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34.jpeg" alt="Dogwifhat Price Chart | TradingView" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.34-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-199129" class="wp-caption-text">
 Dogwifhat Price Chart | TradingView
 </figcaption>
</figure>
The pennant is expected to resolve in about a week, giving investors clarity on where the Dogwifhat price wants to move next. If WIF breaks out to the upside, key resistance points it would meet would be around $4.1, $5.7, and $6.8
An inverse scenario would be the <a href="https://coingape.com/best-memecoin-presales/" rel="noopener noreferrer nofollow">meme coin</a> resolving downwards. Key support areas to watch for would be $2.5, $1.4, and $0.33.
<h2 id="b-what-caused-wif-s-sudden-price-spike-b">What Caused WIF’s Sudden Price Spike?</h2>
<figure id="attachment_199133" aria-describedby="caption-attachment-199133" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-199133" src="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.53.jpeg" alt="Dogwifhat WIF Whale Transactions | Birdeye" width="679" height="317" srcset="https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.53.jpeg 679w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.53-300x140.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/WhatsApp-Image-2024-05-28-at-08.53.53-150x70.jpeg 150w" sizes="(max-width: 679px) 100vw, 679px">
 <figcaption id="caption-attachment-199133" class="wp-caption-text">
 Dogwifhat WIF Whale Transactions | Birdeye
 </figcaption>
</figure>
WIF price uptick happened around the same time a Solana whale spent 17,966 SOL (approximately $2.98M) to buy 953,177 WIF. The whale managed an entry of around $3.13 and is currently 3.51% in profit. The whale single-handedly caused a WIF’s price to move up by about 7%.
On May 21, this whale also spent about 1 million USDC to purchase 355,417 WIF at $2.81. The whale later sold the following day at $3.07, bagging $90,000 in profit. This data underscores the importance of whales’ involvement in crypto markets.&nbsp;
<h2 id="b-bottom-line-b">Bottom Line</h2>
<a href="https://coingape.com/price-predictions/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">Solana</a> meme coins have been performing extremely well in the recent past and this recent surge in WIF price has catapulted it into the top 30 largest cryptocurrencies by market cap. As the market moves closer to the main bull run, meme coins like Dogwifhat price analysis indicate the possibility of even higher prices.
The post <a href="https://coingape.com/markets/dogwifhat-price-analysis-as-solana-whale-scoops-2-9m-worth-of-wif-price-set-to-rally/" rel="noopener noreferrer nofollow">Dogwifhat Price Analysis As Solana Whale Scoops $2.9M Worth of WIF, Price Set To Rally?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogwifhat Price Analysis As Solana Whale Scoops $2.9M Worth of WIF, Price Set To Rally?

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