Meme token Dogwifhat (WIF) added 17% to its value today. A whale purchase was the main driver of the surge. Despite suffering considerable losses, whales continue to invest in WIF.
A large-scale investor recently reentered the market, buying over two million WIF for 3.77 million USDT after its price began to appreciate, according to an X post by Lookonchain.
Paradoxically, the whale has a history of selling at lower prices and repurchasing WIF at higher prices, which has caused him significant losses. A few hours ago, he lost $2.71 million from his most recent accumulation, bringing his total losses to a startling $4.63 million.
Last week, the WIF price plunged from $2.06 to $1.75 after large-scale investors dumped tokens worth $30 million. However, WIF is now recovering. According to Coinmarketcap, the recent buying resurgence has reversed half of the losses from the previous week.
WIF price prediction
WIF is becoming more stable, with a weekly loss of just 10%. At the time of writing, it was trading for $1.91. Its market cap has increased by 16.33% to almost $1.9 billion, and its trading volume is up 91.51% to $741 million in the last 24 hours. It is currently the 50th cryptocurrency by market cap.
The Relative Strength Index (RSI) for WIF is presently at 37.7, according to TradingView. This suggests WIF is approaching oversold territory.
However, the MACD level is at −0.32512029, indicating “sell.” Almost all moving averages suggest a “strong sell,” signifying that the price increase is only temporary. In fact, only the Hull Moving Average suggests a buy at 1.67598423. Oscillators are primarily neutral.
However, if the bullish trend continues, the WIF price could break through the resistance level of $2. If that happens, a new high near $3 wouldn’t be out of the question. The WIF price could even target $4 immediately if it holds above the critical resistance levels. WIF recorded an all-time high of $4.83 on March 31.
Contributors
