The Dogwifhat meme coin is facing a potential price decline, indicating favorable buying conditions.
Buy Signal for Dogwifhat
Today, crypto trader Ali Martinez posted on X the TD Sequential indicator, which showed a buy signal for the Dogwifhat meme coin. The indicator hinted at a potential price drop, offering traders opportunities to accumulate WIF tokens at significant discounts. Yesterday, February 8, Lookonchain spotted a 'whale' that, after a two-year dormancy, bought 6.5 million WIF worth $5.21 million from Binance. Shortly after, SpotOnChain identified another whale acquisition—the whale created a new wallet and withdrew 9.48 million WIF worth $7.17 million from Binance. These purchases indicate strategic acquisitions despite the current bearish market sentiment. Following these whale accumulations, the WIF price dropped to the $0.70 level after failing to maintain its price above the crucial $1.00 and $0.80 support levels.
WIF Price Analysis
Dogwifhat's price has suffered a 56.1% decrease in the past 30 days, reflecting increased selling pressure. The token lost its bullish momentum amid increasing supply in recent months, which explains why its overall market outlook remains bearish. Since December 9, 2024 (when it traded at a high of $3.89), the meme coin lost strength and has been in a downtrend. The asset is currently trading below the crucial $1.00 support level, hovering at $0.7019 at press time, up 2.1% in the past 24 hours. Amid recent heightened volatility, most crypto assets are struggling. On February 1, President Trump introduced new taxes on products imported from China, Mexico, and Canada, which unleashed anxiety across global investment markets, including cryptocurrency. Since the announcement, Dogwifhat has lost 29.7% in the past week, making traders uncertain about the asset’s price movement. The token is currently moving in a major buyer interest zone, around $0.7. However, as indicated by Martinez’s data, WIF is set to experience a further price decline, potentially to the $0.5 level. This zone is expected to provide a greater buying opportunity for investors seeking to acquire the token in large-scale numbers, positioning themselves for potential future growth.
Dogwifhat continues to face volatility amid macroeconomic changes and market expectations. Despite the current bearish trend, strategic acquisitions by large investors point to possible future developments for the token.
