The crypto market witnessed a bullish turnaround during Wednesday’s trading session as Bitcoin retook the $100k floor. The renewed buying momentum uplifted most major altcoins, including WIF, as it held $3 support. However, the whale selling pressure puts dogwifhat price at risk for a prolonged correction.
According to Coingecko, the WIF price trades at $3.04, with an intraday gain of 7%. The asset market cap holds at $3.04 Billion, while the 24-hour trading volume is at $909 Million.
- The dogwifhat price correction witnessing whale selling pressure hints at risk for further correction.
- The ascending trendline in the daily chart drives the current recovery trendline in WIF.
- The $3 level, backed by the 100-and-200-day Exponential Moving Averages, creates a high accumulation zone for buyers.
Whale Sell-Off Threatens Dogwifhat Price Stability at $2
A crypto whale has recently caught the attention of memecoin investors after depositing their entire holding of 1.2 million WIF tokens, valued at $3.47 million, according to data shared by Lookonchain.
This whale initially purchased the WIF tokens 11 months ago for $393,000, reflecting a remarkable profit of over $3 million. The significant gain highlights the strategic timing and market insight of the whale, as such large-scale deposits often indicate potential sell-offs or market tops.
A whale deposited all 1.2M $WIF($3.47M) into #Coinbase 3 hours ago.
This whale bought 1.2M $WIF 11 months ago at a cost of $393K, and now has a profit of more than $3M!https://t.co/CeCC6iwIX8 pic.twitter.com/WqR6EBg4lA
— Lookonchain (@lookonchain) December 11, 2024
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Also Read: Bitcoin Memecoin $DOG Hits New ATH, Nears $1 Billion Market Cap
Support Trendline Drives Major Recovery Trend in WIF
Amid the recent market uncertainty, the dogwifhat price recorded a significant correction from $4.8 to $3.04, registering a loss of 38%. If the selling pressure persists, the WIF price could plunge below the 200-day EMA slope at $3, strengthening the selling grip over this asset.
The anticipated downfall could record a 24% fall before the dogwifhat price seeks support from the ascending trendline at $2.3. Since early November, the dynamic support has acted as a key accumulation zone for buyers amid market correction.
If the support holds, the dog-themed memecoin could rebound and challenge the overhead resistance at $4.8.
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On the contrary, a breakdown below the ascending trendline will accelerate the selling pressure to lead $2 breakdown.
