The memecoin Dogwifhat, based in Solana, surged with the general market momentum. Dogwifhat saw a notable 5% price increase and recovered from a critical support level within a triangle pattern, indicating a promising trajectory for recovery soon.
Dogwifhat has been trading sideways in a triangular pattern made up of convergent trendlines for the last two months. Dynamic support and resistance levels limit price movement, which is frequently seen as a consolidation stage before the asset resumes its present trend.
As the price of Bitcoin continues to hold above $66,000, the price of WIF recovered from the pattern’s bottom support trendline and formed a morning star candle. The triangle structure’s reversal pattern suggests that there may be one more upswing, which might drive the price of Memecoin back to $3.
The on-chain data tracker Lookonchain has discovered a notable whale purchase of $WIF tokens. The whale, hoping to obtain $WIF, opened a new wallet and took 1.83 million USDC from Coinbase.
The whale has given $606,000 USDC to purchase about 227,896 $WIF at an average price of $2.66. After this transaction, the whale’s remaining balance is $1.22 million $USDC, showing that the acquisition is still in progress.
The whale’s ongoing acquisition of WIF suggests a strong bullish sentiment and could increase the token’s market value. To release the building’s bullish momentum, the Dogwifhat requires an upside breakout from the triangular pattern. A rally to $3.7 and then $4.86 might be driven by the post-breakout rally.
Also Read: Solana Based DogWifHat Token Soars $40 Past Listing on Bybit
