Market Direction

$3.40 key resistance for WIF

Published: Dec 6, 2024

Dogwifhat ($WIF) remains range-bound, holding key support at $2.97 while battling $3.40 resistance. Bulls aim for $4.00, awaiting a clean breakout to spark momentum.

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.

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.

7. Daily WIF price chart showing range-bound movement, critical resistance, and support levels alongside RSI trends.

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.