The global crypto market is a bit down today with several altcoins in a red zone but WIF paints a green scenario following a fresh 12% increase since yesterday. It looks strong and currently trades at resistance.
Following a broader price correction in June, WIF found a key level at $1.47 in the late month and halted bearishness. The price bounced for a week and rolled back to the support earlier this month.
The latest surge in volatility was technically triggered by a rebound off the key level that provided support during the past month’s drop. It is currently trading at around a monthly resistance after remaining indecisive for two days. Bigger moves are expected if the price closes strong today.
Considering the current double-bottom pattern, the price may retest the falling resistance line that has been stopping buying pressure in the past months. A strong weekly close above this line will validate a bullish breakout. Rejecting it could bring a slight pullback before breaking up.
While the market speculations and bias are turning bullish daily, WIF remains the leading meme coin on the Solana ecosystem with more than a 1300% increase in the past year. A huge gain can be expected when the price explodes massively in the coming days.
WIF Key Levels To Watch
Source: Tradingview
The immediate obstacle for the bulls is located at the $3.1 resistance, where the resistance line lies. If the price surpasses this resistance, the next one to keep in mind is $4.08, followed by the $4.86 level.
Losing momentum from the current resistance level could slide the price to the key $2 level. The $1.47 level is held as the monthly support. A dip below it could plunge the price to $1 and perhaps $0.55.
Key Resistance Levels: $3.1, $4.08, $4.86
Key Support Levels: $2, $1.47, $1
- Spot Price: $2.42
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: jruiz1108/123RF // Image Effects by Colorcinch
