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

03.03.2024

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.