- WIF now trades at a brand new all-time excessive.
- Nonetheless, volatility markers confirmed the potential of a big swing within the token’s worth.
Dogwifhat [WIF] has rallied to a brand new all-time excessive pushed by the market’s curiosity in memecoins.
WIF costs rose by 54% over the past 24 hours to change into the fourth largest memecoin at press time. In accordance with coinmarketcap, WIF now holds a market cap of $3.3 billion and was inching near PEPE’s market cap.
Curiously, the information follows a considerable buy by a whale, on-chain sleuth Lookonchain famous in a recent post on X (previously Twitter).
In accordance with Lookonchain, in the course of the intraday buying and selling session on thirteenth March, the whale spent $1.26 million to purchase 540,837 WIF in a single transaction.
The identical investor had withdrawn $2.02 million value of SOL from Kraken on twelfth March, which was then used to amass 921,272 WIF at a median worth of $2.19.
At press time, WIF traded at $3.24. After logging a 43% surge within the final 24 hours, the dog-themed meme coin ranked because the crypto asset with essentially the most positive aspects throughout that interval, per CoinMarketCap’s information.
Look out for swings
The double-digit spike in WIF’s worth up to now 24 hours got here with a corresponding surge in market volatility. By assessing the token’s worth actions on a day by day chart, AMBCrypto discovered a large hole between the higher and decrease bands of its Bollinger Bands (BB) indicator.
A large hole between these bands sometimes signifies elevated volatility within the worth of the underlying asset. Merchants usually interpret it to imply that an asset’s worth will expertise extreme fluctuations relying on common market sentiment.
An evaluation of WIF’s Common True Vary (ATR) confirmed the potential of a swing in its worth in both path. This indicator measures market volatility by calculating the typical vary between excessive and low costs over a specified variety of durations.
When it rises, it indicators an uptick in market volatility. At press time, WIF’s ATR was 0.38, having risen by 5% within the final 24 hours.
How a lot are 1,10,100 WIFs value at this time?
Concerning WIF’s subsequent worth path, a have a look at a key momentum indicator revealed {that a} downside may be imminent. Its Relative Power Index (RSI) was 88.80.
An RSI of this worth urged that the meme coin may be overbought. At this excessive, patrons usually expertise exhaustion, resulting in an nearly inevitable decline.