Missed WIF? Fresh opportunity to wear the hat

Hypothesis

WIF, the leading memecoin of this cycle, is presenting a promising opportunity for those who missed the initial entry earlier this year.

Let's break down the technical analysis.

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. We also advise setting a risk tolerance level in terms of capital allocation while trading. The industry standard is no more than 2% of your portfolio at any given time. This means if you are in an open position already, it's advised not to take on more trades, which will lead you to be overexposed. Allow current trades to be settled; there will be more opportunities around the corner.

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Technical analysis

Right now, we are trading around a big-picture fib where the market has seen repeated demand in and around this level before. Coupled with the fact that the bears are running out of momentum, which is forming the wedge pattern clearly printed by the candlestick charts, there are a few ways we can play this with a different strategic approach. Let's break it down.

Play for traders

• Scenario 1: Entry point: Consider entering long positions upon confirmation of a 4-hour candle close above $3. Alternatively, accumulating within the $2 to $2.4 demand zone could be beneficial.
• Scenario 2: Allow a clean retracement and a trigger of a limit order placed at $2.500

Risk and reward

Scenario 1 and Scenario 2 have the same stop loss. The stop loss has been placed strategically beneath two pockets of liquidity, where if the market were to retrace down to this level, we would probably rethink and reposition from a leverage trading perspective. However, for those accumulating spot, we have such a high conviction that we would advise DCA'ing on the way down if that were to happen.

• Stop loss - $2.0532

Take profit

• TP 1: $5.000

Play for investors

Something will give on WIF, and with the overall positive sentiment and feel around the markets. With the recent bearish structure being broken positively across the board, investors who follow this strategic trading approach will reap benefits.

Cryptonary's take

We feel there is more upside to the majors for the short term and no doubt the memes will get their pump soon, too, as the market's flow always repeats.

Backing WIF is backing strength.

Cryptonary out!