News, Price Analysis

Dogwifhat (WIF) Soars 30% in a Week: Will It Break Past $4 Soon?

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A ray of bullish hope surfaced after a series of price downturns for Dogwifhat (WIF) in the past month. Dogwifhat’s price gained over 30% within the last week, setting it back toward a higher price value. 

Since its launch in December 2023, Dogwifhat has gained over 1,835% in value. Currently, Dogwifhat is gunning toward establishing support above the $4 mark and possibly surpassing its all-time peak within Q2. 

Whale Confidence Helps Dogwifhat (WIF) Regain Control

Dogwifhat (WIF) has recently emerged as a top crypto player, capturing attention with its impressive market activity. Lookonchain revealed a notable event when a whale purchased 1.4 million WIF tokens, shelling out 4.2 million USDC for $2.99 per token. This transaction signifies the whale’s confidence in WIF and highlights its history of early trading with WIF tokens, resulting in a remarkable profit of over $8 million.

The recent whale activity has helped WIF shoot up by 12.97% in just 24 hours. This surge propelled Dogwifhat to challenge PEPE Coin for third place among the top 10 meme coins by market capitalization, signaling its growing prominence within the crypto market.

Short Position Liquidations Shake Dogwifhat Market

Moreover, investors are becoming more active in the Dogwifhat derivatives market, pouring money into future contracts. The open interest has surged 8.6% to $333 million, showing investors hope for Dogwifhat’s future. Also, over $5 million has been invested in the last two days, suggesting that more investors are betting on WIF’s price to rise.

Despite the bullish sentiment, there have been short position liquidations worth $1.1 million in the last 24 hours. This suggests volatility and uncertainty in the market as traders deal with rapid price changes in Dogwifhat.

WIF Price to Hit $4?

Looking ahead, investors are closely monitoring potential resistance and support levels for Dogwifhat. The upper band Bollinger indicator points to $3.40 as a significant resistance area, with a breakthrough potentially propelling the WIF price above $4. On the higher side, it may also hit $10 by year-end. On the downside, $2.5 is identified as a major support level, with a breach potentially giving bears an advantage in the market.

The WIF token’s market cap has already achieved the major milestone of $2 Billion and currently stands at $2.107 Billion with a circulating supply of 998,920,173 WIF tokens. Wondering if the WIF token will hit $10 in 2024?

SOURCE

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