Cryptocurrency

Solana

Dynamic

Bitcoin

USDC

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-drives-small-increase-in-cryptocurrency-market/" data-wpel-link="internal">Bitcoin Drives Small Increase in Cryptocurrency Market</a><br></p>
<p style="text-align: justify">On Monday, the cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> witnessed a small increase as <strong>Bitcoin (BTC)</strong> showed a sustainable rise above the $66,000 level, increasing by 1.2%. Most major altcoins, including the Solana (SOL)-based <a href="https://en.coin-turk.com/bonk-coin-assessing-purchase-opportunities-and-future-prospects/" data-wpel-link="internal">meme token</a> Dogwifhat, managed to reflect this momentum.</p> 
<h2 style="text-align: justify" id="support-level-in-wif">Support Level in WIF</h2> 
<p style="text-align: justify"><strong>The altcoin’s</strong> price increased by 5%, signaling a significant improvement by recovering from the crucial support of its triangle formation. For the past two months, Dogwifhat has been trading within the converging trend lines of triangle formations. Dynamic support and resistance greatly affect WIF’s price movement, squeezing it into a narrow range. The specified chart pattern usually sees a short consolidation for a token to gain enough momentum to maintain the dominant trend.</p> 
<p style="text-align: justify">While Bitcoin shows resistance above the $66,000 level, WIF’s price recovered from the lower support trend line of the formation, forming a morning star candle. This reversal pattern supports another rise that could pull the meme token’s price back to $3 within the triangle structure.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-353661 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/wif-1.jpg" alt="" width="907" height="445"></p> 
<h2 id="analytical-reports-on-wif">Analytical Reports on WIF</h2> 
<p style="text-align: justify">The cryptocurrency analytics company Lookonchain detected a significant purchase of WIF tokens. A whale created a new wallet and withdrew 1.83 million USDC from <strong>Coinbase</strong> to acquire WIF. So far, the whale has spent 606,000 USDC to buy approximately 227,896 dollars worth of WIF at an average price of 2.66 dollars. This transaction leaves the whale with a remaining balance of 1.22 million USDC, indicating that the purchasing process is still ongoing.</p> 
<p style="text-align: justify">The whale’s continuous accumulation of WIF indicates a strong bullish sentiment and increases the token’s market value. According to the technical chart, <strong>Dogwifhat</strong> needs an upward breakout from the triangle formation to release its increasing bullish momentum. The post-breakout rally could push the price to $3.7 and then to $4.86.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-drives-small-increase-in-cryptocurrency-market/" data-wpel-link="internal">Bitcoin Drives Small Increase in Cryptocurrency Market</a></h5>

Bitcoin Drives Small Increase in Cryptocurrency Market

Table of Contents

COINTURK NEWS

Other articles published on May 20, 2024

Venezuela Bans Crypto Mining Amid Recurring Blackouts

Next Cryptocurrency To Explode Monday, May 20 — ArcBlock, Lido DAO, Gnosis, Dogwifhat

Grayscale Appoints New CEO from Goldman Sachs

Energy Sector Sees the Biggest Spike in “AI” Mentions in Q1, Beyond Tech

Whales Affect XRP Price Movements

Bitcoin ETFs are ‘orange FOMO poker chips’ that siphon on-chain funds back into TradFi

Join our free newsletter for daily crypto updates!