Dogwifhat price is preparing for a 20% rally ahead of a major resistance in the form of a wedge formation. Over the past four days, a whale has accumulated 9.57 million $WIF tokens worth $13.59 million from exchanges #Binance and Bybit.

The funding rate of #WIF🔥 has jumped into positive territory, suggesting that buyers are willing to pay a premium to hold on to their long positions.

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According to on-chain data tracker Lookonchain, a whale has accumulated 9.57 million WIF (worth around $13.59 million) from major crypto exchanges Binance and Bybit over the past four days. Typical whale accumulation has been observed to coincide with a major bottom formation, resulting in an increase in positive market sentiment.

For over a month now, the Dogwifhat price has been on a sideways movement, fluctuating around $1.65. This consolidation trend, with significant swings on both sides, suggests that neither buyers nor sellers are dominant in driving this asset.

However, a broader perspective shows that the WIF price is still echoing within the two converging trendlines of the falling wedge pattern. This chart pattern signals a mature downtrend and could provide a decisive breakout for a new buying opportunity.

If the pattern holds true, the Dogwifhat memecoin could rally 20% to challenge the resistance trendline of the falling wedge pattern. If buyers turn this top trendline into potential support, a renewed recovery could target $2.9, followed by $4, and $4.85.