Market Direction

WIF consolidates between $2.84-$2.97

Published: Dec 11, 2024

WIF consolidates between $2.84-$2.97 after bouncing from $2.55 support. A pennant pattern forms, with $3.40 as the key resistance and $10 as a long-term target. Let’s explore what’s next for WIF.

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.

Following the leverage flush out, WIF fell down to a major horizontal support of $2.55 and bounced from there.
Price is now battling at the grey support between $2.84 to $2.97 and forming a pennant pattern. The bias of this breakout might be to the downside, but we'd expect the $2.80's to be swiftly bought up if the price revisits there. Although we're not super confident that the pennant will break down, we wouldn't be surprised if the positive market momentum can take the price higher.
The main level to the upside for the price to overcome is $3.40. This may take more time to achieve, though.
The RSI is back to middle territory, having tried to break out to the upside on the move to $4.00.

7. TradingView chart of WIF-USDT showing price action, support-resistance levels, descending triangle, and RSI trends with consolidation near $2.84.

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Next Support: $2.80
Next Resistance: $3.40
Direction: Neutral
Upside Target: $3.40 (then $4.00)
Downside Target: $2.80

Cryptonary's take

We remain phenomenally positive on WIF, and whilst it might take more time (days/to a week) to establish a new range, potentially between $3.00 and $3.40, we do expect a major breakout in the coming weeks.

In the medium and long term, we still expect WIF to break down to new all-time highs and test the $10 area, maybe in Q1 2025. We remain holding spot positions, and we're not looking to sell, so we may consider adding between $2.55 and $2.80 if the price revisits there.