WIF Coin Ongoing Price Struggle, Chance Of Upward Breakout

Whales are now disposing of Dogwifhat (WIF) coin at a loss. The prices now appear to be struggling ahead of the recent general market pump.

A whale known as sbfonchain.sol has recently sold their entire holding of Dogwifhat (WIF) coin at a loss, according to on-chain data.

The transaction details show that the whale sold about 1,332,133.07 WIF tokens for a total of 4.08 million USDC.

However, the purchase price adds up to 4.74 million USDC, indicating a substantial loss of 654,000 USDC from the sale. This highlights the extreme volatility and high risk involved in crypto markets.

The price of WIF coin has seen a small rise of 0.39% over the last 24 hours and is now trading at $3.09.

With a market capitalization of roughly $3.088 billion, the price seems to be fairly valued according to Dogwifhat charts and stats.

At a high of 53.07%, the activity shows increased trading volume and could also indicate higher interest or speculating activity at this price point.

A technical analysis of WIF charts reveals the meme coin is trading in a falling wedge pattern, which is considered a bullish formation.

The price appears to be breaking away from the pattern near the apex of the wedge.

Typically, this pattern's behavior would create an upward breakout, resulting in the price rising.

If the breakout occurs, based on the wedge extension (extending the starting width upward from the breakout point), the projected target aligns with the resistance level near $4.16.

Moreover, the Volume Oscillator shows a large decrease in volume compared to the moving average, presenting a value of -41.38%.

If it's a drop, it could signal something is losing momentum which tends to proceed to a breakout.

During a falling wedge formation, we see a drop in volume and if this volume decreases then it could be a sign that a bullish reversal is on its way. This is if buying volume increases as the price approaches the upper trendline.

Short term, the chances of an upward breakout are higher, given the falling wedge formation and volume trends.

A breakout might be considered as a confirmation of traders, looking for increasing volume to enter long positions.

On the other hand, a breach of the support line of the wedge may cancel the bullish prospect and further deterioration is possible. this aims at the next support at around $2.78.

The whale's activity extends beyond selling; they also sold the WIF coins at a loss and redirected the capital into other cryptocurrencies like CHILLGUY, Fartcoin and UBC, purchasing massive amounts of both coins.

While some of these reflect an investment diversification or hedging attempt against the loss from the WIF coin sale, these tokens behave differently in the market.

This suggests a notion of approaching investment risk with varying strategies depending on the risk profile of these tokens in the hyper-volatile crypto market.