WIF fell 10% to $1.50, now trading at $1.62 with a $1.61B market cap.
Whale “EvSTe” made $4.61M in profits after selling 3.421M $WIF.
Dogwifhat (WIF) experienced a sharp 10% drop to $1.50 before stabilizing at $1.62. The token’s market cap is $1.61 billion, reflecting a 0.19% increase in the past day. Trading volume rose 10.27% to $527.75 million, leading to a volume-to-market cap ratio of 32.69%.
A prominent whale, identified as “EvSTe,” recently sold 3.421 million WIF for 5.3 million USDC at an average price of $1.549. The whale initially acquired 3.58 million $WIF for a mere $21,000 in December 2024.
Currently, the whale holds 198,400 WIF, valued at $311,000. Over 13 months, their total profit from WIF has reached $4.61 million, marking an impressive 235% return. This activity highlights significant profit-taking, which may have contributed to the recent price drop.
Technical Analysis of $WIF
The four-hour chart reveals bearish market conditions. The Relative Strength Index (RSI) is at 32.61, close to oversold territory, while the RSI average is 24.48. These values suggest a potential rebound if buying interest resurges. The Chaikin Money Flow (CMF) indicator sits at -0.22, signalling sustained selling pressure in the market.
A bearish crossover occurred as the 50-period moving average dipped below the 200-period moving average. This crossover indicates continued downward momentum unless bulls reclaim critical resistance levels.
Immediate resistance is at $1.70, with a stronger barrier at $1.90. On the downside, support levels are at $1.50 and $1.40. Breaking below $1.50 could trigger further declines while breaching $1.70 could open the path to $1.90 or higher.
The bearish technical indicators suggest caution for short-term traders. However, $WIF’s robust trading volume and active market participation indicate a potential for a recovery. A golden crossover or RSI divergence may mark a reversal in trend. Additionally, improving CMF values could support upward momentum.
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