dogwifhat has been seeing more long liquidations in the past few days, but a whale wallet has accumulated more despite the decline.
in the past week, experiencing significant price declines. Despite this downturn, there has been a notable accumulation from a particular wallet, indicating some investor confidence or strategic buying amidst the dip., a newly created wallet recently withdrew $1.8 million worth USDC from Coinbase.
However, it subsequently declined, reaching around $2.50 by 19th May after an almost 1% drop. At the time of this writing, WIF was trading at approximately $2.60, reflecting a 3% increase.Additionally, the Relative Strength Index analysis indicated a poor price trend over the past few days. The RSI was below the neutral line, signaling a bearish trend.
The only time in the past few weeks that WIF was clearly above the neutral line was during the over 9% increase on 15th May. Since then, it has remained below the neutral line.This indicated that traders who were expecting the price of WIF to increase have had their positions wiped out due to the recent price declines.
At the time of this writing, short positions were seeing more liquidations due to the recent uptrend in WIF’s price. Given that the whale wallet accumulated WIF at around $2.66, a fall below this price range would result in a loss for these holdings.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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