Market Direction

$4.80 resistance in WIF’s path

Published: Nov 19, 2024

After testing $4.80, WIF has pulled back and is now squeezing near $3.40 support. Key levels suggest both risks and opportunities for the next move. Let’s explore!

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.

Price rejected the major horizontal resistance at $4.80 and has since pulled back and retested the horizontal support of $3.40 a number of times.
The price is in a local downtrend, and it's now squeezing against the downtrend line while holding the horizontal support of $3.40. A breakout would see the price revisit $4.00.
If the price does break down, $3.00 is likely to be the major support.
The RSI was very overextended and in overbought territory upon the move up to $4.80. It has now reset back to middle territory at 61. This is positive, and WIF has now had some consolidation, which was needed following the move higher.

7. DogWiFi ($WIFUSDT) daily chart showing a recent breakout, price consolidation, and upward trendline support, with RSI nearing bullish levels.

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Cryptonary's take

WIF has pulled back and consolidated nicely after it's a major move higher. WIF has now found support at $3.40, and it's squeezing into its downtrend. This might be where WIF can get its breakout to the upside, and we see a more sustained move higher. Breakout targets would be $4.00 and then $4.80. We're looking to continue holding all Spot bags and not looking to sell anytime soon.