WIF Sudden Price Surge: dogwifhat Prints 20% Gain in 4 Hours

dogwifhat WIF $0.37 24h volatility: 7.8% Market cap: $371.26 M Vol. 24h: $169.94 M , a leading meme coin on the Solana (SOL) blockchain, turned bullish in the past 24 hours after turning bearish at the beginning of the month. The cryptocurrency soared a massive 20% in just four hours, and as per the data from CoinMarketCap, WIF trades at $1.32 at press time, up 14.70% in the past day.

WIF is the sixth-largest meme coin project with a valuation of $1.31 billion and a 24-hour trading volume of $1.03 billion. Notably, the cryptocurrency’s price received a boost from a major whale wallet scooping up 915,828 WIF tokens. According to blockchain analysis platform Lookonchain, the wallet named “Ansem” spent 1.2 million USDC on its first crypto purchase after a three-month break.

The Ansem wallet also holds $7.6 million in USDC, $3.5 million in PUMPKIN, and $207K in GoFundMeme, among other tokens. It is important to note that the WIF price surge comes amid the project announcing on Wednesday that it will promote the WIF meme coin on the Vegas Sphere. The meme coin’s community celebrated the marketing event’s announcement, which coincides with the current price surge.

WIF Price Analysis

As seen in the 4-hour chart provided by TradingView below, the WIF token printed three consecutive bullish candles, with the second candle printing 20% in gains, claiming a high of $1.37, where the meme coin is the resistance level. In the next candle, the altcoin soared almost 4%, once again unable to break above $1.37.

It is clear from the 4-hour chart above that WIF price action is situated in the upper end of the Bollinger Bands, but the altcoin failed to break out despite retesting the upper band multiple times because the region now acts as resistance. Another important resistance level is $1.44, which also needs to be broken to confirm a move towards $1.8 in the near future.

On the other hand, the On-Balance Volume (OBV) indicator shows a sudden spike in the buying pressure for the WIF token. The gradient of the line aligns with the price action on the 4-hour time frame as the meme coin continues to hold above the important $1 psychological support level.

Bluntz Capital, an analyst on X (formerly Twitter), claims that the recent retest of the support at $0.9 was the bottom for the WIF token. The analyst highlighted “signs of life” for dogwifhat and claims that there is a decent chance for higher prices in the coming days.

More importantly, the Relative Strength Index (RSI) for WIF on the daily chart above reads a value below of 39.99 which means that the bears maintain control of the meme coin’s price action. The altcoin rebounded from the oversold RSI levels and is now aiming for higher prices.

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