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The post <a href="https://coinpedia.org/price-analysis/whale-alert-wif-price-up-for-a-60-swing/" rel="noopener noreferrer nofollow">Whale Alert – WIF Price Up for a 60% Swing?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
As Bitcoin drops below $63,000, the broader market recovery takes a sharp blow at the start of the week. Amid the increased supply, <a href="https://markets.coinpedia.org/dogwifhat/" rel="noopener noreferrer nofollow">WIF</a> price action reveals a pullback, hampering the recovery run.&nbsp;
With a sudden landslide, WIF prices struggle to sustain dominance at critical support levels. Will the downfall in this meme coin result in a crash, or will a bullish recovery restart the uptrend?
<h2 class="wp-block-heading" id="h-dogwifhat-price-performance-nbsp">Dogwifhat Price Performance&nbsp;</h2>
With a bullish trend in the 4-hour chart, the meme coin shows a triangle breakout rally. However, the uptrend fails to surpass the $2 mark, resulting in a pullback to retest the broken trendline.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="795" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478.png" alt="WIF analysis 27th aug 2024" class="wp-image-343192" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478-1536x763.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27163718/image-478-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
Based on the Fibonacci levels, the $2 mark coincides with the 61.80% level and the pullback breaks below the 50% level at $1.79. Further, the recovery run led to an uptick in the 50 EMA, increasing the golden crossover chances. However, the pullback breaks below both the EMAs.&nbsp;
Currently, the <a href="https://coinpedia.org/price-prediction/dogwifhat-wif-price-prediction/" rel="noopener noreferrer nofollow">WIF price</a> trades at $1.72 with an intraday fall of 2.46%, making the third consecutive bearish candle. As supply pressure grows, the chances of a bullish reversal decrease.&nbsp;
Technical indicators:
EMA: Despite the limited chances of a golden crossover with an intense pullback, the 50 EMA holds the WIF price. Hence, the crucial dynamic support upholds the chances of a recovery.&nbsp;
RSI: The 4-hour RSI line slips under the halfway line as it crashes from the overbought zone.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-comeback-of-whales-push-wif-price-above-2">Will The Comeback of Whales Push WIF Price Above $2?</h2>
In the last 48 hours, whales have been actively accumulating WIF tokens. The largest holder purchased 800,556 WIF tokens at $1.92 each, despite an 8.69% market drop. This <a href="https://x.com/WuBlockchain/status/1827542720170356794" rel="noopener noreferrer nofollow">whale</a> now holds 28 million WIF tokens valued at $53.23 million, with a profit exceeding $75 million.
Another <a href="https://x.com/lookonchain/status/1828252837714989545" rel="noopener noreferrer nofollow">whale </a>deposited $1.25 million in WIF on MarginFi, borrowing 197,000 USDC and buying 110,000 more WIF tokens, holding a leveraged position. This whale currently owns 3.3 million WIF tokens worth $5.95 million.
With whales’ increasing confidence, the chances of a bullish reversal in the WIF price trend also increase. If the price surges above the 50% level at $1.79, the next resistances are at $2 and $2.34. Conversely, a drop under $1.60 will test the $1.39 mark.&nbsp;

Whale Alert – WIF Price Up for a 60% Swing?

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