dogwifhat (ETH)

2024

Million

dogwifhat

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The price action of dogwifhat coupled with Open Interest for the week in the 15-minute timeframe, identified zones where traders were potentially trapped thus WIF found support or resistance there. 
Initially, a large number of <a href="https://www.thecoinrepublic.com/2024/11/11/dogwifhat-wif-soars-above-3-when-new-all-time-high/">WIF</a> contracts entered into both long and short positions. This period suggested that traders were actively positioning in anticipation of market moves. 
The price returned to $3.30, a “psychological breakeven,” point that acted as support. 
This decrease in open interest occurred, indicating that both long and short holders might have exited their positions. This led to a stabilization of the price temporarily. 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> Open Interest Heatmap Use the slider to filter out the noise and show the largest levels only (where OI increased the most). Ideal for finding trapped traders and eventually support/resistance. We filtered on where net OI is +9m. <a href="https://t.co/Q86RJef4uK">pic.twitter.com/Q86RJef4uK</a>— Hyblock (@hyblockcapital) <a href="https://twitter.com/hyblockcapital/status/1867157177213108506?ref_src=twsrc%5Etfw">December 12, 2024</a>
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 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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However, as the week progressed, OI spiked again, peaking before another sharp fall below $3.0. 
This was identified as another breakeven point but led to a price breakdown. This suggests that the support level was insufficient to hold the market sentiment. 
Shorts were trapped as dogwifhat token price ascended past their entry points. Hence indicating that long positions were in profit during the initial price rise. 
This dynamic shifted as the price began to drop, likely flipping the advantage towards short-sellers. 
The filtered OI showed a net increase of over 9 Million, proved crucial for pinpointing where market players were likely to influence price, indicating both potential liquidity sweeps and areas of heavy trader activity. 
<h2 class="wp-block-heading" id="h-wif-token-price-action-and-prediction">WIF Token Price Action and Prediction</h2> 
<a href="https://www.thecoinrepublic.com/2024/11/10/dogwifhat-battles-key-resistance-can-wif-stay-above-2-55/">WIF</a> token daily time frame chart showed a bullish trend near its historical high as supported by the trendline indicating the rising support levels over the months. 
This ascending support was instrumental in the price recovery phases following any pullbacks. 
Throughout the year, the price encountered several resistance zones, with significant sell-offs each time it approached these levels. 
Notably, the resistance at $3.87 could be a critical barrier as recent attempt to breach it had failed. This level, just below the ATH, posed a considerable challenge for buyers. 
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 <img loading="lazy" decoding="async" width="1024" height="458" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-1024x458.png" alt="" class="wp-image-878317" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-1024x458.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-768x343.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-1536x687.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-150x67.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-696x311.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256-1068x477.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-256.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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 WIF daily price action | Source: Trading View
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The price action consolidated under this $3.87 resistance. The consolidation pattern hinted at a buildup of buying pressure, suggesting a potential breakout. 
Should this breakout occur, dogwifhat token could rally towards the $5 mark, entering a phase of price discovery. 
The Fibonacci retracement levels also aligned with the $3.87 resistance, eliciting signs of either continuation or reversal. 
<h2 class="wp-block-heading" id="h-whale-takes-profit">Whale Takes Profit</h2> 
Recent activities of a WIF whale transferred a massive total of 1.2 Million WIF tokens into a Coinbase account. This transaction was valued at $3,085,001.83, reflecting a significant market move. 
Eleven months ago, this whale had acquired these WIF tokens at a much lower price, totaling around $393,000. 
This strategic purchase led to a monumental profit exceeding $3 Million as the value of WIF surged over the year. 
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 <img loading="lazy" decoding="async" width="1024" height="553" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-1024x553.png" alt="" class="wp-image-878327" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-1024x553.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-300x162.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-768x414.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-1536x829.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-150x81.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-696x376.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-1068x576.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258-1920x1036.png 1920w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-258.png 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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 Whale wallet activity | Source: Solscan
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Notably, this was not the whale’s only activity; smaller transactions were also recorded ranging from 100 to 100,000 WIF, suggesting regular engagement with the token. 
This series of transactions highlighted not only the significant returns on investment achieved but also indicated the whale’s ongoing influence in the market dynamics of WIF. 
The post <a href="https://www.thecoinrepublic.com/2024/12/14/can-dogwifhat-price-hit-5-as-open-interest-rises-amidst-whales-prof-taking/">Can dogwifhat Price Hit $5 As Open Interest Rises Amidst Whale’s Prof-taking?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Can dogwifhat Price Hit $5 As Open Interest Rises Amidst Whale’s Prof-taking?

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