What’s Next For Dogwifhat Price After 300% Weekly Surge

Dogwifhat Price: The meme cryptocurrency started witnessing a massive inflow last week, uplighting popular assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin(PEPE), into an extended rally. Amid this memecoin euphoria, the Solana-based Dogwifhat also emerged as one of the high weekly gainers rising from $0.285 to the current trading price of $1.214, registering a 315% growth.

Also Read: Who Let the Dogs Out? What Dog-Themed Meme Coins are Rallying?

Dogwifhat’s Triangle Breakout Signals Strong Market Dominance

From early January to late February, the Dogwifhat coin price witnessed a sideway action resonating within two converging trendlines of the triangle pattern. This chart pattern represents a brief consolidation period whose breakout reveals the dominant force in the market.

On February 26th, the WIF price gave a bullish breakout from the triangle pattern, providing buyers with suitable support to lead sustainable growth. The post-breakout rally surged the Dog-themed memecoin by 195% to hit a new all-time high of $1.35.

A recent analysis by Lookonchain has revealed a significant transaction by a cryptocurrency whale, who moved 7,059 Solana ($SOL) worth approximately $918K from Binance to purchase 673,394 of a token referred to as $WIF at $1.36.

This latest acquisition adds to the whale’s previous investment of 16,857 $SOL (around $2M) for 2.82 million $WIF at an average price of $0.71. The combined transactions have resulted in an unrealized profit of approximately $1.35 million for the investor offering retail traders a better conviction for the potential of a prolonged rally.

A whale withdrew 7,059 $SOL($918K) from #Binance to buy 673,394 $WIF at $1.36 again 5 hours ago.

He has spent a total of 16,857 $SOL($2M) to buy 2.82M $WIF at $0.71, and the unrealized profit is ~$1.35M.https://t.co/52fJpbbgRv pic.twitter.com/KoC95S1PwP

— Lookonchain (@lookonchain) March 2, 2024

Also Read: Dogwifhat (WIF) Price Rallies 200% Amid Memecoin Rally, Robinhood Announces Support

Key Support Level to Amid Potential Correction

While the current market outlook projects a bullish trend for Dogwifhat, the ongoing momentum is less likely to continue if not provided with favorable news. If the coin price entered a new correction from $1.35 resistance, the WIF price may plunge to the potential support of $1.05 and $0.86, coinciding with the 23.6% and 38.2% Fibonacci retracement levels

Technical Indicator

Exponential Moving Average: The fast-moving 20-and-50 EMA slope may act as the first line of defense for coin buyers,
Average Directional Index: The ADX slope at 39% reflects the Dogwifhat buyers are leading an exhausted rally which may cause a minor pullback to regain strength.

About author
Disclaimer

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.