After a significant loss, a crypto whale recently returned to the market and bought back Solana-based memecoin Dogwifhat (WIF). On June 19, this early WIF backer purchased 938,434 WIF, amounting to $1.6 million.
Analytics platform LookOnChain reported that Initially, this whale had acquired 3.58 million WIF for just $21,000 in Dec. 2023. Presently, the whale’s holding stands at 3.97 million WIF, valued at $7.3 million.
Following this move, Dogwifhat has emerged as a standout performer among the top 100 cryptocurrencies. Despite facing recent challenges, the meme coin experienced a significant uptick of 19.7% in the past 24 hours, with its current trading price at $1.99, according to CoinMarketCap.
However, crypto analysts still hold contrasting views on the meme coin’s future path. Some foresee more declines, citing its bearish market setup and recent struggles in maintaining upward momentum beyond key resistance points. Per technical analysis from Tradingview, the Accumulation/Distribution chart and daily RSI suggest downward pressure, with possible support levels at $1.26 soon.
Analyst views on WIF future price
On a different note, analyst Pierre warns of a fragile scenario on the daily (D1) and four-hour (H4) charts. The D1 chart signals resistance at $2.2-2.4, coinciding with the D1 200 EMA and downtrend. If the meme coin overcomes this hurdle, reaching $2.9 (D1 100 MA) is feasible. However, a failure to surpass this level could result in further declines.
On both the H1 and H4 charts, the meme coin consistently remains below the H4 downtrend from the $3.35 mark while encountering strong resistance from the H1 200 EMA. However, to potentially initiate a trade, it needs to transform the H4 trend into support and surpass the H1 200 EMA barrier to pave the way for further gains.
Meanwhile, CoinCodex data analysis offers an upbeat outlook for the meme coin. According to the platform’s projections, WIF is expected to maintain its upward trend in the following weeks, with a potential target of $ 2.69 by June 30. This positive prediction hints at a possible surge in WIF’s value in July, presenting an opportunity for traders to capitalize on a potential market rebound.
Related | Congressman Gaetz proposes Bitcoin tax payments bill
