• Amid bullish traits available in the market, WIF token rose 13% weekly.
• Whale bought $4.2 million price of WIF, indicating development potential.
• Technical indicators point out sturdy upward momentum for WIF.

Dogwifhat (WIF), a Solana-based token impressed by the meme of a canine sporting a pink knitted hat, has taken the market abruptly. Regardless of a bearish month for cryptocurrencies, WIF’s valuation defied gravity and skyrocketed, rising over 13% on the weekly chart.

This sturdy uptrend can be seen on the every day chart, with the token worth growing by 8.52% and reaching $3.156 on the time of writing. His WIF, which is positioned because the thirty fifth largest cryptocurrency, has seen a big improve in intraday market capitalization.

WIF/USD 24 hour chart (Supply: coin statistics)

The market capitalization elevated by 8.56% and the valuation reached $3,154,402,750. Parallel to this growth in market capitalization, WIF's buying and selling quantity has additionally proven a powerful improve. Its buying and selling exercise elevated by 13.17% to achieve a staggering $464,979,776. This rise in buying and selling highlights the rising intrigue and vigor of buyers flocking to the token.

Equally, WIF’s quantity to market capitalization ratio can be 14.64%, suggesting sturdy investor curiosity and potential for additional worth appreciation. This ratio signifies that a good portion of the market capitalization is actively traded, typically indicating a wholesome and lively marketplace for the token.

WIF Whale bought for $4.2 million

Reflecting a powerful perception within the WIF token, a whale investor not too long ago bought $4.2 million of the Solana-based cryptocurrency. In response to Lookonchain's tweet, the whale acquired 1.4 million WIF tokens simply 5 hours in the past at a fee of $2.99 ​​per token.

The tweet additional highlighted that Whale was an early investor in Dogwifat and was acknowledged for its worthwhile buying and selling historical past. Reportedly, this whale has amassed over $8 million in complete income on his WIF trades prior to now. This newest buy strengthens the corporate's perception in WIF's potential and indicators expectations for additional worth will increase for the token.

WIF Token Eye $3.40 Resistance

Zooming to the 4-hour chart, we see the WIF token rising above the 61.8% Fibonacci retracement threshold and claiming it’s making ready to counter the resistance at $3.40. If the present bullish momentum holds, this breakthrough might unfold rapidly and push the token worth in the direction of $3.70.

WIF/USD 4-hour chart (Supply: buying and selling view)

Nevertheless, if the WIF token faces bearish stress, the value might try to drop beneath the 50% Fibonacci retracement stage and discover help round $2.74. If this help stage fails, the token might fall additional to the Could low of $2.27.

Technically, the MACD indicator reveals bullish momentum growing and a pointy rise above the sign line. The MACD line is hovering round -0.0123, inching nearer to the zero threshold, suggesting that the bullish outlook for the token might quickly solidify.

WIF/USD 4-hour chart (Supply: buying and selling view)

Moreover, the MACD histogram shows a rising inexperienced bar above the zero line, suggesting a persistent bullish sample that’s prone to persist for the foreseeable future. Such optimism might push the WIF token in the direction of the next resistance at $3.40, as buyers stay constructive on the expansion prospects.

On the similar time, the RSI indicator is shifting vertically above the impartial line, highlighting a bullish trajectory within the brief time period. The RSI is positioned above the sign line at 59.21, indicating that the present uptrend is robust and should proceed earlier than reaching overbought territory.