Dogwifhat (WIF) Technical Outlook Analysis Maintains Bullish Sentiment, Once This Happens
- PHPzOriginal
- 2024-07-11 15:39:30898browse
WIF's technical outlook remains bullish as long as it stays above $1.65. However, it faces significant downside risk if it falls below $1.55, potentially dropping to as low as $0.90.
Solana meme coin Dogwifhat (WIF) price dropped sharply by 15% on July 4, following a large sale of tokens by a whale.
According to data from on-chain analytics firm Lookonchain, the whale sold 900,000 WIF tokens to cryptocurrency exchange Bybit. The total value of the sale amounted to approximately $1.64 million, based on the token’s price at the time of the transaction.
After the sale, the whale still retained a substantial holding of 974,000 WIF tokens, which were valued at around $1.76 million at the time.
The sale of such a large quantity of tokens had a noticeable impact on WIF’s price, which dropped sharply following the transaction. However, it is worth noting that the token still remained in positive territory for the week, with an overall increase of 7%.
Despite the price volatility and the broader market sell-off, WIF’s technical outlook still maintained a bullish sentiment. According to analysts, the token’s price is likely to continue rising as long as it remains above a crucial support level of $1.65.
However, if the token falls below this support level, it could face a significant downside risk, with potential drops to as low as $0.90.
The cryptocurrency market experienced heavy selling pressure on July 4, which had a negative impact on Solana-based meme coin WIF.
According to data from on-chain analytics firm Lookonchain, a whale sold 900,000 WIF tokens to cryptocurrency exchange Bybit. The total value of the sale amounted to approximately $1.64 million, based on the token’s price at the time of the transaction.
After the sale, the whale still retained a substantial holding of 974,000 WIF tokens, which were valued at around $1.76 million at the time.
The sale of such a large quantity of tokens had a noticeable impact on WIF’s price, which dropped sharply following the transaction. However, it is worth noting that the token still remained in positive territory for the week, with an overall increase of 7%.
Despite the price volatility and the broader market sell-off, WIF’s technical outlook still maintained a bullish sentiment. According to analysts, the token’s price is likely to continue rising as long as it remains above a crucial support level of $1.65.
However, if the token falls below this support level, it could face a significant downside risk, with potential drops to as low as $0.90.
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