Recently, a social wallet borrowed $2,000 000 USDC to purchase 894 854 Dogwifhat ($WIF) tokens. In the background, there was a rising trend of optimism, with some degree of accumulation observed among institutional investors.
$WIF has seen impressive growth. It has increased by 12% in the past 24 hours and 30% during the week. The second wave was recently witnessed, and investors are getting behind it. The amount of the whale鈥檚 accumulation seems to show approval of the asset, perhaps in expectation of prices rising shortly.
Dogwifhat Technical Analysis
The technical position for the $WIF is promising as the price continues to hover at $2.23/Share, which is 12% higher than the value recorded within the day as of press time. The market capitalization is up by 6.19% to $2.23 billion.
The daily trading volume is also up by 17.77% to $604.4 million. This trading volume equals 27.13% of the market cap, meaning the market or the stock is active.
The charts reveal that Dogwifhat has an upward channel displaying the current bullish trend. The four-hour chart shows a series of higher highs and lower lows, which indicates the price is on an upward momentum due to immense buying pressure.
In this respect, the relative strength index (choice A) is at 69. 97 is near the overbought level and may indicate that the market requires rest. Nevertheless, the overall outlook for Dogwifhat is superior, emphasizing the bulls.
4-hour DOGWIFHAT/USDT Chart | Source: TradingView
Market Sentiment and Future Outlook
The sentiment regarding Dogwifhat remains optimistic, primarily due to actions taken by intelligentsia (market whales). The latest movements demonstrate that the largest holder plans and approaches buying $WIF more tactfully, which is still typical of the market in terms of buying at high prices.
Such a pattern could mean that further appreciation may be forthcoming if a similar buying interest persists. Also, that behavior in front of such large-scale purchases provokes the attention of other market participants, particularly retail investors, making its influence on the price more significant.
From the existing trend, the token may likely push further up, always touching higher resistance levels as the demand for it continues to rise in the market. Nevertheless, traders should also look for pullback possibilities, given the RSI trend approaching an overbought signal.
Observing the last activity around Dogwifhat, we can discuss the effects of whales on price movement. $WIF enjoys high price performance and positive technical signals, which is why there is room for further price increases. The whale鈥檚 purchase of $WIF at an impressive volume, which was borrowed, suggests strong confidence in the token.
