Dogwifhat’s WIF Good points 13% Weekly Attracting $4.2M Whale Buy

• WIF token positive aspects 13% weekly amid bullish market development.
• Whale buys $4.2M price of WIF, signaling progress potential.
• Technical indicators present robust upward momentum for WIF.

Dogwifhat (WIF), a Solana-based token impressed by a canine meme sporting a pink knitted cap, has stunned the market. Regardless of a bearish month for cryptocurrencies, WIF’s valuation defies gravity, hovering with over 13% escalation on the weekly chart. 

This sturdy uptrend finds a companion within the every day chart as effectively, the place the token value has climbed 8.52%, perching at $3.156 as of press time. Positioned because the thirty fifth largest cryptocurrency, WIF has seen its intraday market cap rise considerably. 

WIF/USD 24-Hour Chart (Supply: CoinStats)

The market cap skilled an 8.56% enhance, reaching a valuation of $3,154,402,750. In tandem with this swelling market capitalization, WIF’s buying and selling quantity displays a meteoric rise. Its transaction exercise has jumped by 13.17%, hitting a powerful $464,979,776. This upswing in buying and selling highlights heightened intrigue and vigor amongst traders flocking to the token.

On the identical accord, WIF’s volume-to-market cap ratio additionally stands at 14.64%, suggesting robust investor curiosity and potential for additional value progress. This ratio signifies that a good portion of the market cap is being actively traded, which frequently factors to a wholesome and energetic marketplace for the token.

WIF Whale Makes $4.2M Buy

Reflecting robust confidence within the WIF token, a whale investor just lately made a $4.2 million buy of the Solana-based cryptocurrency. In accordance with a tweet from Lookonchain, the whale acquired 1.4 million WIF tokens at a fee of $2.99 per token simply 5 hours in the past.

The tweet additional emphasised that the whale is an early investor in Dogwifhat, acknowledged for its worthwhile buying and selling historical past. Reportedly, the whale amassed over $8 million in whole earnings from previous WIF trades. This newest buy strengthens its perception in WIF’s potential, hinting at its expectation of additional worth progress for the token.

WIF Token Eyes $3.40 Resistance

Zooming on the 4-hour chart, the WIF token is rallying above the 61.8% Fibonacci retracement threshold, asserting itself because it prepares to sort out resistance at $3.40. Ought to the prevailing bullish momentum persist, this breakthrough might unfold shortly, probably propelling the token value towards $3.70.

WIF/USD 4-Hour Chart (Supply: Tradingview)

Nevertheless, if the WIF token faces bearish stress, costs might droop beneath the 50% Fibonacci retracement degree and try to search out help close to $2.74. If this help degree fails, the token might decline additional to the Might low of $2.27.

Technically, the MACD indicator signifies mounting bullish momentum, rising sharply above the sign line. Hovering close to -0.0123, the MACD line inches towards the zero threshold, hinting that the bullish outlook for the token might solidify shortly.

WIF/USD 4-Hour Chart (Supply: Tradingview)

Moreover, the MACD histogram shows ascending inexperienced bars above the zero line, suggesting a sustained bullish sample more likely to endure within the foreseeable future. Such optimism might spur the WIF token onward to its subsequent resistance at $3.40, as traders stay buoyant about potential progress.

In parallel, the RSI indicator is shifting vertically above the impartial line, highlighting the bullish trajectory within the quick time period. Positioned at 59.21 and above the sign line, the RSI signifies that the present uptrend is powerful and will proceed earlier than reaching overbought territory.