LIVE**Technical Analysis of WIF Coin and the Emergence of an Ascending Triangle Pattern**
The broad accumulation and purchases by whales, along with the overall upward trend in the meme coin market, have poised WIF for a potential breakout with targets of $3.70 and $4.86, based on the trading patterns forming in its chart. Under the influence of a symmetrical triangle pattern, the price of WIF might continue its sideways movement for the next week. This week, Dogwifhat has seen a significant upward trend. From $2.49, this meme coin jumped nearly 30% to reach $3.24. The daily chart analysis shows that this upward trend has formed a triangle pattern. The emergence of the triangle pattern confirms a long-term bullish trend. With Ethereum's price stabilizing above $3,600, there is a potential onset of alt-season, and several altcoins, including Dogwifhat, are showing significant rebound and growth potential.
WIF has been trading without a specific trend for nearly two months, aligning with the converging trendlines of the triangle pattern. The two trendlines act as dynamic resistance, and support gradually narrows the triangle space, leading to an eventual decisive breakout.
The price trend of this coin in the past 24 hours shows another bounce from the triangle's resistance. This bounce indicates that the trendless movement might continue for another week or two. The on-chain data tracker site Lookonchain recently emphasized that a whale spent 17,966 Solana, equivalent to $2.98 million, to buy 953,177 WIF coins at a price of $3.13. This significant purchase caused the WIF coin price to increase by nearly 7%.
Previously, the same whale strategically spent 1 million USDC to buy 355,417 WIF coins at $2.81 on May 21. Subsequently, the whale sold these coins at $3.07 on May 22, making a profit of $90,000. Lookonchain’s analysis showcases the whale's precise and profitable trading strategies, providing valuable insights into the dynamics of large-scale cryptocurrency transactions and their immediate market impacts.
