It surprised many users with its popular #memecoin🚀🚀🚀 #dogwifhat Binance listing. Users who bought it in the first listing managed to increase it 100 times in a very short time. The popular memetoken is trading at $2.09 as of writing. Here's Dogwifhat (WIF Price Analysis: The $3 Target Looks to be on the Way!), which everyone is curious about!
Dogwifhat (WIF) Price Analysis: Will it be $3?
The June correction was harsh for Dogewifhat investors as its price fell from $4.07 to $1.47, a loss of 63.5%. The decline caused the asset to fall below the 61.8% Fibonacci retracement level; This level is generally considered a weak sell as buyers allow such a deep reversal.
However, this week broader market supply pressure has eased, allowing the WIF price to remain above $1.5. The bullish reversal accompanied by whale accumulation sent the asset up 31.5% to trade at $2.02, with the market jumping to $1.935 billion.
According to a recent tweet from on-chain data tracker Lookonchain, WIF's largest holder has made significant moves in the market. This person spent 4.65 million USDC to purchase 2.3 million $WIF at $2.03 per token earlier this week.
This strategic acquisition brings the owner's total to 23.39 million WIF, currently valued at $49.6 million, resulting in a significant profit of approximately $83 million. These significant investments highlight the owner's confidence in WIF's potential and its strategic approach to asset accumulation.
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With a daily loss of 8.3%, the Dogwifhat price is showing a bearish reversal from the downsloping trend line carrying the current corrective trend. If resistance is intact, sellers may extend the corrective trend and sink the asset below the $1.47 low.
However, a break from the falling trend line would mark the end of the corrective trend and allow buyers to re-challenge the $4.85 top.
Technical Indicator
BB indicator: A rise in the lower bound of the Bollinger Band indicator reflects the loss of momentum and additional support for buyers.
RSI: The daily Relative Strength Index (RSI) slope has risen to 40% in the oversold territory, indicating the increasing tendency of market participants to accumulate during the market decline.