Dogwifhat Price: A Memecoin on the Rise
The meme cryptocurrency Dogwifhat has experienced significant growth in recent weeks, following the upward trend of popular assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE). This Solana-based memecoin has seen a remarkable increase, rising from $0.285 to its current trading price of $1.214, marking a 315% growth.
Dogwifhatโs Triangle Breakout Indicates Market Dominance
Between January and February, the price of Dogwifhat showed a sideways movement, forming a triangle pattern on the chart. This pattern represents a period of consolidation, and the breakout from this pattern can reveal the dominant force in the market.
On February 26th, the price of WIF broke out from the triangle pattern, providing support for buyers and leading to sustainable growth. As a result, the memecoin surged by 195%, reaching a new all-time high of $1.35.
A recent analysis by Lookonchain uncovered a significant transaction by a cryptocurrency whale who transferred 7,059 Solana ($SOL) worth approximately $918K from Binance to purchase 673,394 units of a token called $WIF at $1.36.
This acquisition is in addition to the whaleโs previous investment of 16,857 $SOL (around $2M) for 2.82 million $WIF at an average price of $0.71. These combined transactions have resulted in an unrealized profit of approximately $1.35 million for the investor, which further strengthens retail tradersโ belief in the potential for an extended rally.
Key Support Levels to Watch Out For
While the current market outlook for Dogwifhat appears bullish, sustaining the momentum will depend on favorable news. In the event of a correction from the $1.35 resistance level, the price of WIF may experience a decline towards potential support levels at $1.05 and $0.86, which align with the 23.6% and 38.2% Fibonacci retracement levels.
Technical Indicators to Consider
- Exponential Moving Average: The fast-moving 20-and-50 EMA slopes can serve as the first line of defense for buyers of Dogwifhat.
- Average Directional Index: The ADX slope currently stands at 39%, indicating that buyers of Dogwifhat are leading an exhausted rally. This may result in a minor pullback before regaining strength.
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