On Monday, the cryptocurrency market witnessed a small increase as Bitcoin (BTC) showed a sustainable rise above the $66,000 level, increasing by 1.2%. Most major altcoins, including the Solana (SOL)-based meme token Dogwifhat, managed to reflect this momentum.
Support Level in WIF
The altcoin’s price increased by 5%, signaling a significant improvement by recovering from the crucial support of its triangle formation. For the past two months, Dogwifhat has been trading within the converging trend lines of triangle formations. Dynamic support and resistance greatly affect WIF’s price movement, squeezing it into a narrow range. The specified chart pattern usually sees a short consolidation for a token to gain enough momentum to maintain the dominant trend.
While Bitcoin shows resistance above the $66,000 level, WIF’s price recovered from the lower support trend line of the formation, forming a morning star candle. This reversal pattern supports another rise that could pull the meme token’s price back to $3 within the triangle structure.
Analytical Reports on WIF
The cryptocurrency analytics company Lookonchain detected a significant purchase of WIF tokens. A whale created a new wallet and withdrew 1.83 million USDC from Coinbase to acquire WIF. So far, the whale has spent 606,000 USDC to buy approximately 227,896 dollars worth of WIF at an average price of 2.66 dollars. This transaction leaves the whale with a remaining balance of 1.22 million USDC, indicating that the purchasing process is still ongoing.
The whale’s continuous accumulation of WIF indicates a strong bullish sentiment and increases the token’s market value. According to the technical chart, Dogwifhat needs an upward breakout from the triangle formation to release its increasing bullish momentum. The post-breakout rally could push the price to $3.7 and then to $4.86.
