2024

Bitcoin

USDC

Reversal

Dogwifhat Price Analysis: The cryptocurrency market has seen diminished volatility this week as <a href="https://coingape.com/danish-regulator-to-ban-unhosted-bitcoin-btc-wallets/" rel="noopener noreferrer nofollow">Bitcoin</a> has stabilized above $60,000 psychological support. The fresh consolidation in BTC marked by neutral candles for the daily chart shows no clear initiation from sellers or buyers. However, the ease from prevailing bearish momentum was enough for meme sectors to spark for fresh reversal. The major asset of this fast-moving asset class Dogwifhat projected a notable recovery.&nbsp;
Also Read: AlsoRead: <a href="https://coingape.com/popular-analyst-predicts-btc-price-reversal-after-dip-to-this-level/" rel="noopener noreferrer nofollow">Popular Analyst Predicts BTC Price Reversal After A Dip To This Level</a>
<h2 id="b-dogwifhat-price-analysis-4-65-million-purchase-aims-to-push-wif-rally-b">Dogwifhat Price Analysis: $4.65 Million Purchase Aims to Push WIF Rally.</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/q/QCVTYNFi.png" alt="CRYPTO:WIFUSD Chart Image " width="1942" height="890">
 <figcaption class="wp-caption-text">
 Dogwifhat Price Analysis| Tradinview
 </figcaption>
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June month correction was harsh for <a href="https://coingape.com/markets/dogwifhat-price-bottomed-whale-activity-1-5-reversal/" rel="noopener noreferrer nofollow">Dogewifhat</a> investors as its price plunged from the high of $4.07 to $1.47 registering a 63.5% loss. The downfall plunged the asset below the 61.8% Fibonacci retracement level, which is usually considered a weak conviction from buyers by allowing such a deep counter-trend move.
<blockquote>
 However, this week the broader market supply pressure eased, allowing the WIF price to hold above $1.5. A bullish turnaround accompanied by whale accumulation has uplifted the asset 31.5% to trade at $1.94, while the market jumped to $1.935 Billion.
</blockquote>
According to a recent tweet from on-chain data tracker Lookonchain, the largest holder of WIF has made significant moves in the market. This individual spent 4.65 million USDC to purchase 2.3 million WIF for $2.03 per token earlier this week.&nbsp;
<blockquote class="twitter-tweet">
 The largest holder of <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> spent 4.65M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> to buy 2.3M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> at $2.03 8 hours ago!
 He currently holds 23.39M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($49.6M), with a profit of ~$83M on <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>!
 He is also the one who spent 86,738.1 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($8.65M) to buy 17.22M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> in one trade.
 Address:<a rel="noopener noreferrer nofollow" href="https://t.co/5fd4VETnts">https://t.co/5fd4VETnts</a>… <a rel="noopener noreferrer nofollow" href="https://t.co/EHbdZVBHl9">pic.twitter.com/EHbdZVBHl9</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1805794787708354622?ref_src=twsrc%5Etfw">June 26, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This strategic buy brings the holder’s total to 23.39 million <a href="https://coingape.com/danish-regulator-to-ban-unhosted-bitcoin-btc-wallets/" rel="noopener noreferrer nofollow">WIF</a>, currently valued at $49.6 million, yielding a substantial profit of approximately $83 million. These substantial investments highlight the holder’s confidence in WIF’s potential and their strategic approach to accumulating the asset.
With an intraday loss of 8.3%, the <a href="https://coingape.com/markets/dogwifhat-price-forecast-is-it-time-to-buy-the-dip/" rel="noopener noreferrer nofollow">Dogwifhat price</a> shows a bearish reversal from the downsloping trendline carrying the current correction trend. If the resistance is intact, the sellers could extend the correction trend and plunge the asset below the $1.47 low.
However, a breakout from the falling trendline will signal the end of the correction trend and bolster buyers to rechallenge the high of&nbsp; $4.85.
<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 reflects the losing momentum of buyers and additional support for buyers.</li>
 <li style="font-weight: 400;" aria-level="1">RSI: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index</a> (RSI) slope surged over the oversold region to 40% indicating the increasing accumulation trend in market participants during the market dip.&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/dogwifhat-price-analysis-wif-eyes-3-whale-purchases/" rel="noopener noreferrer nofollow">Dogwifhat Price Analysis: WIF Eyes $3 as Whales Ramp Up Purchases</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogwifhat Price Analysis: WIF Eyes $3 as Whales Ramp Up Purchases

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