Can WIF hold above $0.50?

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:

• Over the last few weeks, the general bleed lower has slowed and the price has potentially found a support range between $0.46 and $0.72.
• Even though the price broke out of the local downtrend line, the price rejected the horizontal resistance of $0.72 twice. This sent the price back down to the support area.
• For now, the price is set on top of the $0.46 horizontal support. This was the old horizontal resistance area a year ago before WIF went on a major run higher. If the price falls back into the old range ($0.21 to $0.46), it'll then be likely that the price stays in that range for a number of months.
• The RSI provides a more positive view here as it's out of oversold territory and above its moving average. The concern still remains around WIF's narrative, and a positive RSI setup likely isn't enough to offset this.

• Next Support: $0.46
• Next Resistance: $0.72 Direction: Bearish
• Upside Target: $0.72
• Downside Target: $0.21

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Cryptonary's take

WIF is still a hard one to become interested in here. It's possible we see the price just fluctuate between $0.50 and $0.72 for a few more weeks, but ultimately, we do expect WIF's price to return back to its old range between $0.21 and $0.46. For that reason, if WIF were to return to the range highs (say $0.65 to $0.72), we'd consider Shortening it.