Dogwifhat Cryptocurrency (WIF) Surpasses the $3 Mark and Could Appreciate 90%

The Dogwifhat (WIF) cryptocurrency has shown remarkable performance in recent days, with its price surpassing the US$3 mark, an important feat for the meme coin that has been gaining prominence in the market. In the current scenario, WIF is trading at US$2.98, down 2% in the last 24 hours and up 18% in the last week.

This significant price increase is the result of solid investor momentum, as evidenced by a 20% jump in the last week and an additional 8% in the last 24 hours. These gains have placed WIF above a symmetrical triangle pattern, indicating possible future rallies.

Cryptocurrency analyst Captain Faibik highlighted this upward movement in a recent tweet, stating that WIF could experience an 80% to 90% increase after breaking out of a consolidated pattern that lasted for 80 days.

$WIF Symmetrical Triangle Upside Breakout is finally Confirmed after 80-days of Consolidation..!!

Looks Pretty Solid for the 80-90% Bullish Rally.. 📈#Crypto #WIF #WIFUSDT pic.twitter.com/4ssGQZCQXk

— Captain Faibik (@CryptoFaibik) May 26, 2024

Another point of interest is the activity of a crypto whale that has invested heavily in Dogwifhat. According to a tweet from Lookonchain, a whale shelled out 17,966 SOL (approximately US$2.98 million) to acquire 953,177 WIF at US$3.13 each. This same whale had already made a significant purchase on May 21st, when it purchased 355,417 WIF for US$2.81 each, using 1 million USDC.

A whale spent 17,966 $SOL($2.98M) to buy 953,177 $WIF at $3.13 in the past 5 hours, causing the price of $WIF to increase by ~7%.

This whale previously spent 1M $USDC to buy 355,417 $WIF at $2.81 on May 21 and then sold it at $3.07 for 1.09M $USDC on May 22, making $90K.… pic.twitter.com/4xnoKerJ0X

— Lookonchain (@lookonchain) May 26, 2024

Despite this optimism in the market, sentiment around Dogwifhat is still predominantly bearish, with the coin’s weighted sentiment entering the negative zone. Additionally, WIF’s social volume has decreased, reflecting a decline in its popularity.

In terms of market metrics, Dogwifhat’s open interest has also seen an increase, indicating that the current price trend may continue. However, a slight drop in this metric was recorded recently. The Money Flow Index (MFI) and Chaikin Money Flow (CMF) suggest that buyers still have the upper hand despite CMF being below the neutral mark.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.