dogwifhat (WIF) Turns Bullish After a Major Whale Wallet Scoops Up 915,828 Tokens

dogwifhat (WIF)

Key Notes

A leading meme coin on the Solana (SOL) blockchain, dogwifhat closed the past 24 hours in the green after turning bearish at the beginning of the month. The cryptocurrency soared a massive 20% in just four hours. As per the data from CoinMarketCap, WIF trades at $1.32 at press time, up 14.70% in the past day.

The sixth-largest meme coin project is valued at $1.31 billion and has registered a 24-hour trading volume of 1.03 billion. Notably, the cryptocurrency’s price received a boost from a major whale wallet scooping up 915,828 WIF tokens. According to blockchain analysis platform Lookonchain, the wallet, named “Ansem,” spent 1.2 million USDC on its first crypto purchase after a three-month break.

The Ansem wallet also holds 7.6 million USDC, 3.5 million PUMPKIN, and 207K GoFundMeme, among other tokens. It is important to note that the WIF price surge comes amid the project announcing on Wednesday that it will promote the WIF meme coin on the Vegas Sphere. The community of the meme coin celebrated the announcement of the marketing event, which coincides with the current price surge.

As seen in the 4-hour chart provided by TradingView below, the WIF token printed three consecutive bullish candles, with the second candle printing 20% in gains, claiming a high of $1.37, where the meme coin’s resistance level lies. In the next candle, the altcoin soared almost 4%, once again unable to break above $1.37.

It is clear from the 4-hour chart above that WIF price action is situated in the upper end of the Bollinger Bands, but the altcoin failed to break out despite retesting the upper band multiple times because the region now acts as resistance. Another important resistance level is $1.44, which also needs to be broken to confirm a move towards $1.8 in the near future.

On the other hand, the On-Balance Volume (OBV) indicator shows a sudden spike in the buying pressure for the WIF token. The gradient of the line aligns with the price action on the 4-hour time frame as the meme coin continues to hold above the important $1 psychological support level.

Bluntz Capital, an analyst on X (formerly Twitter), claims that the recent retest of the support at $0.9 was the bottom for the WIF token. The analyst highlighted “signs of life” for dogwifhat and claims that there is a decent chance for higher prices in the coming days.

More importantly, the Relative Strength Index (RSI) for WIF on the daily chart above reads a value below of 39.99 which means that the bears maintain control of the meme coin’s price action. The altcoin rebounded from the oversold RSI levels and is now aiming for higher prices.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn

Julia Sakovich on X