On his X account, Bluntz, a popular cryptocurrency market analyst, urged crypto enthusiasts to be ready for a Dogwifhat’s bullish momentum. Despite Dogwifhat ($WIF) currently hovering 66% below its highest price reached in March this year, the crypto trader spotted a looming bullish reversal pattern that would enable Dogwifhat price to witness a resurgence.
$WIF is currently trading at $1.60, as the Solana-based meme coin continues to witness tremendous bearish pressure from the ongoing wild market fluctuations.
Despite the prevailing sluggish price, Bluntz pointed out on X social media that $WIF is set to experience a bullish trend. He, however, noted that crypto investors are not ready to take advantage of the potential bull run. The crypto expert said the $Wif price is primed to see a recovery up to around $2.40, a mark it has never crossed since July 30.
Decreasing User Interest
Since the beginning of June, the digital asset market has been experiencing massive market volatility. With no exception, the price of Dogwifhat has been severely low, currently 34% down from the $2.40 mark reached on July 31.
The price of the Solana-based meme coin has been down because of numerous factors.
The reason for the unusual plunge has been related to the recent selling pressures from $Wif token holders. In late June, several crypto investors sold millions of WIF tokens, including $16 million WIF tokens liquidated within a week.
Normally, when a virtual currency witnesses constant liquidation from token holders, it causes selling pressures, which leads to a decrease in its price. Since Dogwhif is a meme coin, its value is highly volatile and vulnerable to small liquidations and market fluctuations.
Recently, several whales sold off their Dogwhif tokens. On June 22, Lookonchain, a blockchain data analysis firm, identified an anonymous whale who dumped a staggering $23.4 million worth 12.66 million Dogwhif tokens to Binance.
Blockchain transactions are typically transparent. Moving funds from a wallet to a cryptocurrency exchange usually suggests the potential likelihood of a looming sell-off.
What Next?
In the last two months, $WIF has been undergoing a significant price decline amidst the ongoing market correction. $Wif’s downswing is, however, a reflection of the wider market trends. The global cryptocurrency market is currently witnessing a bearish trend, with most digital currencies encountering downward pressure.
Today, as of September 5, 2024, the global cryptocurrency market experienced a slight recovery, with its market capitalization climbing to $2.1 trillion from $1.95 trillion recorded on August 6.
Bitcoin’s ($BTC) price is currently standing at $56,943.69, down 4.40% in the past seven days. Ethereum ($ETH) is currently trading at $2,403.24, down 5.60% in the previous seven days. Dogecoin ($DOGE) price is down 3.20% in the last seven days, currently hovering at around $0.09742. Even Shiba Inu ($SHIBA) is down 5.70%, currently standing at $0.00001331. In brief, most crypto tokens are seeing remarkable decreases in their prices.
The post Dogwifhat’s Dips Signals Potential Bullish Reversal Pattern appeared first on Coinfomania.
