The meme cryptocurrency Dogwifhat (WIF) has been making impressive strides in recent days, surpassing the US$3 mark and gaining attention in the market. Currently, WIF is trading at US$2.98, experiencing a 2% decrease in the last 24 hours but an 18% increase in the past week.
This notable price surge is attributed to strong investor momentum, as seen in a 20% jump over the last week and an additional 8% in the past 24 hours. These gains have pushed WIF above a symmetrical triangle pattern, indicating the potential for future rallies.
Crypto analyst Captain Faibik highlighted this upward movement in a recent tweet, suggesting that WIF could potentially see an 80% to 90% increase after breaking out of a consolidation period that lasted for 80 days.
Another interesting aspect to note is the activity of a crypto whale who has made significant investments in Dogwifhat. According to a tweet from Lookonchain, the whale spent 17.966 SOL (approximately US$2.98 million) to acquire 953.177 WIF at a price of US$3.13 each. This same whale had previously made a substantial purchase on May 21st, buying 355.417 WIF for US$2.81 each using 1 million USDC.
Despite the optimism in the market, sentiment surrounding Dogwifhat remains largely bearish, with the coin’s weighted sentiment entering the negative zone. Additionally, the social volume of WIF has decreased, indicating a decline in its popularity.
In terms of market metrics, Dogwifhat’s open interest has seen an increase, suggesting that the current price trend may continue. However, a slight drop in this metric has recently been observed. The Money Flow Index (MFI) and Chaikin Money Flow (CMF) indicate that buyers still have the upper hand, despite CMF being below the neutral mark.
Disclaimer: The views and opinions expressed in this article, as well as those of individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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