Dogwifhat (WIF) could fall to $1, Here’s why

Coinpedia - Fintech & Cryptocurreny News Media


At current the overall market appears a solid bearish, as top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced price falls of over 5.5%, 5.2%, and 10% respectively, in the last 24 hours. Amid this selling pressure, whale sell-off a significant 14.53 million of dogwifhat (WIF) tokens, as reported by an on-chain analytic firm Lookonchain.

Whale dumps $24 million of WIF tokens 

Today, on August 3, 2024, Lookonchain made a post on X (previously Twitter) stating that nearly five wallets that potentially belong to the same individual have dumped over $24 million worth of WIF tokens. However, this massive sell-off comes following the breakdown of a crucial support level of $157 in Solana.

Additionally, with this sell-off whale has made a return of over 4,500x in less than a year. According to Lookonchain, this whale has purchased this notable 14.53 million for $5,340.

As of writing, WIF is trading near $1.71 and has experienced over 12% downside momentum in the last 24 hours. Additionally, WIF’s open interest (OI) has also dropped by 5.5% during the same period, which signals lower interest from the crypto community amid this bearish outlook.

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WIF technical analysis and key levels

According to expert technical analysis, WIF looks bearish and may fall another 15% and reach the $1.4 level, in the coming days. However, this level will act as a crucial support level for WIF. Meanwhile, if WIF further fails to maintain this $1.4 level, then it could experience more selling pressure to $0.90.

As of now, the major liquidation levels come near $1.58 on the lower level and $1.76 on the upper side, according to CoinGlass data. If WIF continues to fall and hit the $1.58 level, nearly $6 million of the long position will be liquidated. Conversely, if WIF experiences upside momentum and hits the $1.76 level, nearly $6 million of long will be liquidated.





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