$3.40 key resistance for WIF

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• WIF has attempted a break out of its downtrend line. However, the price continues to remain compressed between its major horizontal support and resistance.
• The support remains in the grey box, between $2.84 and $2.97.
• The main resistance is $3.40. We're looking for a price to make a clean break out of that level.
• Price has attempted to break out today; however, so far, we've seen a rejection. If today's candle closes like this, it would be a somewhat ugly candle. However, it is close to $3.40, and we might be off to the races.
• The RSI has been compressed for a few weeks now, and it has settled in the middle territory of printing 53. This leaves room for the price to move in either direction.

• Next Support: $3.00
• Next Resistance: $3.40
• Direction: Neutral/Bullish
• Upside Target: $3.40 (then $4.00)
• Downside Target: $2.84 - $2.97

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Cryptonary's take

WIF has been compressed for a while, and whilst it remains range-bound, we just watch it. However, we are looking for a breakout or a breakdown of the key levels. We are expecting that the breakout will come to an upside. The key level we're looking for is $3.40. A positive and clean close above that level, and WIF probably moves swiftly onward towards $4.00.

For now, we remain in Spot, and we're just patiently waiting and watching WIF here. Not looking to take any action.