dogwifhat Price: On Tuesday, the cryptocurrency market showcased ease from prevailing selling pressure as Bitcoin shows sustainability above $60000. The renewed demand pressure has sparked a relief rally in altcoin especially in the Meme coin sectors. Dogwifhat (WIF), the Solana-based memecoin records a 24% in the last 24 hours, projecting a higher potential for recovery. But will it sustain?
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dogwifhat Price Eyes Key Resistance Levels in Recovery Effort
dogwifhat Price| Tradingview
The Dogwifhat (WIF) has been under a correction trend for the last three months after its price topped $4.86. The bearish turnaround has tumbled the asset to a low of $1.47 projecting a loss of nearly 70%.
However, the broader market correction witnessed a cool-off on Tuesday, pushing the WIF price immediately to $1.9, while its market cap recovered to $1.9. The meme cryptocurrencies often show dynamic moves in a sudden change market due to their volatile nature. As per the data from coinmarketcap, the Top memecoin contributes to a market cap of $46.9 Billion, registering an 8.5% intraday gain.
According to on-chain data tracker Lookonchain, a savvy investor recently acquired an additional 938,434 WIF, valued at $1.6 million, earlier today.
An early buyer of $WIF bought 938,434 $WIF($1.6M) again 4 hours ago.
This guy bought 3.58M $WIF($6.6M currently) on Dec 9 and Dec 13, 2023, at a cost of only $21K.
He currently holds 3.97M $WIF($7.3M).https://t.co/XNnO3JaFdb pic.twitter.com/hPaOSusAr0
— Lookonchain (@lookonchain) June 25, 2024
The investor’s historical activity in WIF demonstrates a keen understanding of market dynamics. On December 9 and December 13, 2023, this individual purchased a substantial 3.58 million WIF, which has a current market value of $6.6 million.
As of now, the investor’s total holdings amount to 3.97 million WIF, equating to approximately $7.3 million.
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An oversold asset witnessing whale accumulation is poised for a quick rebound but it’s not guaranteed to be sustained. The coin holders must watch for overhead resistances of $1.95 and $2.26 as they could revive.
With the near-term trend bearish, the development of a fresh higher low or reversal pattern is needed to confirm sustainable recovery.
The coming days to week could be sideways for the Dogwifhat, as the price needs to stabilize above $1.5 psychological support.
Technical Indicator
EMAs: A bearish crossover between the 20-50-100-day Exponential Moving Average indicates aggressive selling pressure and the path to least resistance downward.
Relative Strength Index: The daily RSI slope reverted from the oversold region to 37% indicating increased buying pressure from investors hunting for discount value.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
