- Dogwifhat stabilizes above $0.58 as whale accumulation signals rising confidence in recovery.
- WIF’s derivatives open interest surges 30%, while spot trading volume hits $383 million in 24h.
- Technical indicators show early reversal signs, with buyers defending the $0.58-$0.60 support zone.
Dogwifhat (WIF) may be bottoming out after weeks of downward pressure. The token, which saw a sharp decline from its all-time highs, is now testing the key March support zone. This level coincides with the 50% Fibonacci retracement, offering signs of stabilization. Selling pressure has slowed while technical structure shows early signs of a potential reversal.
WIF Tests Critical March Support as Buyers Step In
According to analysis prepared by InvestingHaven, Dogwifhat is now testing the March lows, a major technical level. This area also aligns closely with the 50% Fibonacci zone, increasing its importance for traders monitoring the next move.
Price action has stabilized above $0.58 after recent volatility, suggesting that bearish momentum could be weakening.The current stabilization follows an extended period of selling, but recent market data shows whale accumulation at key levels.
A whale with a 70% win rate invested $30,000 into WIF at $0.639, while another placed $150,000 at $0.55. These large inflows may reflect growing confidence in the potential for a price recovery.
Technical Indicators Signal Early Reversal Signs
According to Coinglass data, Dogwifhat’s derivatives activity increased sharply, with open interest rising 30% to $301 million. Spot trading volume also surged to $383 million within 24 hours, supporting the bullish setup.
Technical indicators show WIF pushing above the 20-day simple moving average, confirming an improvement in trend strength. However, the Relative Strength Index (RSI) has entered overbought territory, signaling that short-term pullbacks could occur.
Despite this, the balance of power remains tilted toward buyers. Analysts suggest that if WIF holds the $0.58-$0.60 area, a breakout toward $0.68 or higher remains possible. The overall structure suggests that WIF may be forming a base for a longer-term recovery.
