Whale Investor Scoops Up $3.77M in Dogwifhat (WIF)Tokens Amid Price Rally

A ‘whale’ has reportedly purchased 1.15 million $WIF, worth approximately $3.77 million, and engaged in multiple transactions. The transactions included withdrawing and depositing large quantities of $WIF tokens to and from Binance, hinting at tactical asset management by the individual or entity.

According to Lookonchain, an analysis platform, the whale initially bought the $WIF tokens using $SOL, totaling 24,174 $SOL. Within the same period, the whale withdrew 39,600 $WIF, equivalent to around $131,000, from Binance.

Further illustrating the whale’s active engagement in the market, on April 14, days before the latest acquisition, the investor withdrew an additional 357,298 $WIF, valued at about $1 million, from Binance. Following these transactions, the whale transferred all the $WIF tokens into Kamino and Meteora, two platforms within the crypto ecosystem.

WIF Token Bullish Breakout

The WIF token is witnessing a robust bullish trend, with its price rallying from an intraday low of $2.835 to a high of $3.550. As the trading day progresses, the token is maintaining momentum near this high, currently priced at $3.512. This marks a significant 23.58% increase since the day’s start, signaling strong investor confidence.

WIF/USD 1-Day Chart (Source: CoinStats)

This surge in the WIF token’s value is mirrored in its market capitalization, which has seen an impressive 23.49% growth, reaching $3.52 billion. Concurrently, trading volumes have greatly increased by 113.04%, totaling $811 million over the past 24 hours.

Fueling this optimism is a confirmed breakout from a two-week ascending triangle pattern in the Dogwifhat trading chart, a development that has captured the attention of the crypto community. This technical breakout is a key driver of the current investment surge, as traders anticipate further gains and push the prices toward new highs.

Will the Bullish Trend Retain?

The WIF token recently closed above the 50% Fibonacci retracement level at $3.404, signaling a strong bullish trend that may continue in the short term. If the momentum persists, the price of WIF could challenge the resistance at the 61.8% Fibonacci level. A breakthrough here might set the stage for further gains, targeting the 78.6% level at $5.227.

However, this bullish breakout could be deceptive, merely capturing liquidity above the market before a potential pullback. If this scenario unfolds, the price could revert to the previous double-top formation, which now serves as immediate support. This could drive prices down further to the 10-day trendline.

From a technical perspective, the MACD indicator exhibits a positive trend, moving vertically above the signal line, which underscores the strong bullish momentum in the market. This could support a potential breakout above the 61.8% Fibonacci level. Concurrently, the increasing size of the histogram bars in the green zone further confirms the prevailing bullish sentiment.

On the contrary, the Relative Strength Index (RSI) is currently at 68.60, indicating an overbought condition. This suggests that there might be a short-term pullback or consolidation before the price can continue its upward trajectory. Moreover, the downward movement of the RSI line hints at potential room for a bearish outlook in the near term.