Galaxy

Bitcoin

April

Billion

Dogwifhat Price: On April 13th, the cryptocurrency market extended its correction trend amid <a href="https://coingape.com/michael-saylor-foresees-geopolitical-clash-as-a-boost-to-bitcoin/">geopolitical tension</a> in the Middle East. The FUD among market participants plunged Bitcoin price to a low $60000, while several altcoins including the Dogwifhat memecoin witnessed accelerated supply pressure. The WIF currently seeks support at the $2 psychological support to prevent further downfall. 
Also Read: <a href="https://coingape.com/crypto-news-key-events-next-week-that-can-determine-bitcoin-bull-run/">Crypto News: Key Events Next Week That Can Determine Bitcoin Bull Run</a> 
<h2 id="b-dogwifhat-seeks-25-jump-as-buyers-hit-demand-pressure-at-2-b">Dogwifhat Seeks 25% Jump as Buyers Hit Demand Pressure at $2</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/Ql2g9ROQ.png" alt="BINANCE:WIFUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Dogwifhat Price| Tradingview
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</figure> 
The first two weeks of April have been notably bearish for the Solana-based meme coin <a href="https://coingape.com/markets/dogwifhat-price-prediction-is-it-a-good-time-to-buy-wif-near-all-time-highs/">Dogwifhat</a>. Amid the broader market correction, the WIF price reverted from a $4.86 high to a low of $1.94, registering a nearly 60% loss. 
<blockquote>
 This downfall showcased a new lower high formation early this week, indicating a sign that traders are selling this asset on bullish bounces, a key behavior is established downtrend. Connecting the lower high with the trendline projects a dynamic resistance that carries the current correction trend.
</blockquote> 
However, the renewed demand pressure at the $2 psychological has uplifted the <a href="https://coingape.com/dogwifhat-wif-price-jumps-15-with-trend-reversal-eyeing-new-all-time-high/">WIF price</a> by 42% within two days to currently trade at 2.79%. This Dogwifhat’s market cap surged to $2.77 Billion resorting to its position as the 40th largest cryptocurrency. 
The uptick today should bolster buyers to rechallenge the overhead trendline around $3.5, registering a potential growth of 25%. 
However, the buyers must break past the overhead trendline to regain better control over the asset.&nbsp; 
Also Read: <a href="https://coingape.com/galaxy-digital-ceo-says-bitcoin-will-resume-its-trend-higher-after-epic-bloodbath/">Galaxy Digital CEO Says Bitcoin “Will Resume Its Trend Higher” After Epic Bloodbath</a> 
<h2 id="strong-on-chain-data-reveals-12-41m-wif-sell-off-as-market-stutters-strong">On-Chain Data Reveals $12.41M WIF Sell-Off as Market Stutters</h2> 
In response to a market dip, Lookonchain reports that four whales hastily sold off a total of 5.68 million WIF tokens, amounting to $12.41 million. The sales ranged from $1.9 to $2.35 per WIF, indicating a possible panic-sell scenario amidst market volatility. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 After the market dropped, 4 whales sold 5.68M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a>($12.41M) in panic! 
 9WHHoq sold 3.12M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> for 7.34M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> at $2.35. BdvbXr sold 1.016M <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> for 1.93M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> at $1.9. 85Abtu sold 905,074 <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> for1.88M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> at $2.08. DpJGh2 sold 641,598 <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> for 1.26M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> at $1.97. 
 Address:… <a href="https://t.co/p3ElbtiH50">pic.twitter.com/p3ElbtiH50</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1779389277039988798?ref_src=twsrc%5Etfw">April 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Such heavy transactions despite the recent dip indicate that smart money expects a further correction in Dogwifhat coin moving ahead. Thus, a potential retest of its resistance trendline may surge supply pressure in the market and plunge WIF below $2. 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The coin price trading below the 4-hour <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a>(20, 50, 100, and 200) indicates the near-term trend is bearish.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope rebounded from the oversold region indicating the buyers may lead a temporary relief rally in the coming week.</li> 
</ul> 
The post <a href="https://coingape.com/markets/will-dogwifhat-price-lose-2-support-amid-market-sell-off/">Will Dogwifhat Price Lose $2 Support Amid Market Sell-off?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Dogwifhat Price Lose $2 Support Amid Market Sell-off?

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