Market Direction

Can WIF hold above $0.50?

Published: Feb 26, 2025

Meme coin volatility remains high as WIF hovers near key levels. With resistance rejecting price and downside risks growing, traders are watching for the next move. Can WIF hold, or will sellers push it lower? Let’s analyze the market.

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:

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.

3. A daily chart of WIFUSDT on MEXC. Price fluctuates between 0.46 and 0.72, testing resistance. RSI is above oversold but remains weak.

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.