Dogwifhat Price Soars 4.5% to $1.45 Amid Asian Market Rally, Whale Accumulation Suggests Potential Reversal

Dogwifhat Price Soars 4.5% to $1.45 Amid Asian Market Rally, Whale Accumulation Suggests Potential Reversal

Dogwifhat (WIF) experienced a 4.5% surge, climbing to $1.45 during Monday’s Asian trading session. This bullish movement comes on the heels of a broader market rebound following a significant correction last week. While most major altcoins have yet to confirm a bottom, the increased interest from a key WIF whale hints at a potential trend reversal.

Whale Buying Frenzy Could Signal a Dogwifhat Price Reversal

On-chain data from Lookonchain reveals that a major whale has accumulated 9.57 million WIF (approximately $13.59 million) from top crypto exchanges Binance and Bybit over the past four days. Typically, such whale accumulation coincides with the formation of market bottoms and often leads to a surge in positive sentiment.

Currently, Dogwifhat is trading at $1.46, a significant 70% drop from its all-time high of $4.85. However, recent whale activity extends beyond this accumulation. The largest Dogwifhat whale recently purchased an additional 800,556 WIF, bringing their total holdings to 28 million WIF, valued at $53.23 million.

Moreover, Coinglass reports that WIF’s funding rate spiked to 0.016% on Monday. This positive funding rate suggests that traders are willing to pay a premium to hold long positions in Dogwifhat, indicating growing anticipation for a recovery.

WIF Price Nears Correction End, Eyes Breakout from Wedge Pattern

For over a month, Dogwifhat’s price has moved sideways around the $1.65 level, with notable fluctuations on both sides. This consolidation suggests a balance between buyers and sellers, with neither side gaining a clear advantage.

However, from a broader perspective, the WIF price continues to move within the converging trendlines of a falling wedge pattern. This pattern often signals the end of a downtrend and could lead to a decisive breakout, presenting a fresh buying opportunity.

If the pattern holds, Dogwifhat could surge by 20%, challenging the resistance trendline of the wedge. Should buyers manage to flip this overhead trendline into support, the recovery could target $2.9, followed by $4 and potentially the all-time high of $4.85.

On the flip side, a bearish alignment of the daily exponential moving averages (20, 50, and 100) suggests that Dogwifhat may continue to face selling pressure. A reversal from the downsloping trendline could extend the current correction and push the price back to $1.