Dogwifhat breakthrough suggests rise over $2.1 barrier
Dogwifhat breached a downward trendline on Tuesday and trades over $2 on Wednesday.
The top WIF holder holds 2.3 million tokens worth $4.67 million, according to on-chain statistics.
A daily candlestick closing below $1.54 would disprove bullishness.
As of Wednesday, Dogwifhat (WIF) price is over $2 after breaking a declining trendline on Tuesday. On-chain data shows that the biggest whale holds 2.3 million tokens worth $4.67 million, suggesting a surge in the coming days.
WIF whales gather According to Lookonchain, the highest WIF holder acquired 2.3 million tokens worth $4.67 million. This whale has 23.39 million WIF tokens valued $49.6 million and made $83 million.
The holder bought 17.22 million WIF tokens with 86,738.1 Solana tokens for $8.65 million in one deal.
Dogwifhat pricing has shown promise, breaking out of a declining trendline on Tuesday and trading over $2 as of Wednesday. From June 5 to June 25, numerous swing highs form this trendline.
If this trendline holds as retreat support and the WIF price closes over $2.10 daily barrier, it might rebound 25% to retest its June 17 daily high of $2.64.
The daily RSI is rising from an oversold state and trying to break above 50. The Awesome Oscillator (AO) is below mean zero. If bulls are making a return, both momentum indicators must stay above their mean levels. This would boost the rebound rally.
On-chain metrics and technical analysis suggest a positive prognosis, but if Dogwifhat's price closes below $1.54, the bullish thesis is invalidated. This might cause WIF's price to drop 35% to $1, its March 5 low.
