Dogwifhat (WIF) price surges 44% after Upbit listing: Should you buy?

Why did the WIF price explode today?

Expansion into the Asian market was the main catalyst for this spectacular surge. Upbit Korea’s announcement supporting WIF trading on KRW, BTC, and USDT pairs triggered a wave of speculative buying. Within a few hours, the token’s price exploded by 44% to reach a local peak of $0.28. This momentum was backed by intense on-chain activity, with whales heavily accumulating orders ranging from $100,000 to $1 million.

Following this announcement, the daily trading volume surged by over 300%, surpassing $220 million to settle today in a range of $324 million to $405 million depending on the exchange. Currently, the WIF price is trading in a zone between $0.215 and $0.223.

Indeed, after hitting the $0.28 mark, sellers quickly returned to the market. This selling pressure caused a natural retracement, reducing the initial 44% gains to around 26%. This typical profit taking behavior from traders raises questions about the token’s ability to maintain its bullish momentum in the short term.

However, as Sunflow data indicates, whales have been buying WIF with over $3 million in net inflows according to on-chain data on the Solana blockchain. Experienced traders are therefore positioned for a potential upside. 

Does the WIF breakout confirm a return of the bull run?

In terms of technical analysis, the 3-day chart shows a clear accumulation phase with several bullish divergences on the RSI. It is worth noting that the price reached $0.28 on Binance, but only $0.24 on Coinbase. This indicates a majority positioning from Binance whales.

Momentum indicators confirm the strength of this uptrend. The On Balance Volume (OBV) indicator moved from -600 million to -500 million, signaling a drastic reduction in sell orders and underlying accumulation. Although the RSI and MACD might show signs of overheating in the very short term following the rally, the overall structure remains bullish as long as key levels are preserved.

Most importantly, the 3-day chart reveals 2 bearish order blocks between $0.37 and $0.45. This zone will be difficult to break through. The immediate profit taking after the announcement rally could signal several weeks of consolidation below $0.30. Otherwise, the WIF price will head straight to challenge $0.37. However, WIF must absolutely hold $0.22 as support, or risk plunging back to the bottom of its range.

How high can the dogwifhat (WIF) price go?

The market is now at a crossroads. In a bullish scenario, holding the price above the $0.215 zone could attract new capital, pushing WIF to retest the $0.28 mark. If whale buying pressure persists, breaking this level would pave the way toward higher psychological targets, thereby confirming the token’s strength within the Solana ecosystem.

Conversely, a bearish scenario cannot be ruled out if profit taking intensifies. A break below the critical support of $0.200 would invalidate the recent breakout and risk dragging the price back into its former consolidation channel around $0.175. Traders will need to closely monitor trading volumes in the coming days to confirm the trend’s direction.

While the hype surrounding memecoins remains strong, the inherent volatility of these assets demands strict risk management. The impact of the Upbit announcement has proven that WIF has a highly reactive community and a growing institutional appeal. In any case, the $0.37 to $0.45 zone acts as a wall that will inevitably slow down its price and will certainly offer a pullback opportunity to enter the market if the momentum is confirmed.

Sources:

• AMBCrypto
• Sunflow
• Tradingview

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