WIF eyes $1.10 upside target

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 has pulled all the way back to the Yellow Box as we had perfectly predicted and called for.
• WIF is now at the bottom of the Yellow box, and the price is extremely oversold, but the RSI is still below its moving average.
• When the price lost the $1.40 horizontal level, there was quite a lot of 'air' between $0.46 and $1.40; hence, we called for the price to have a more material decline.
• The next horizontal resistance above the price is now at $1.10.
• The price is now resting on top of the next support at $0.80.

• Next Support: $0.80
• Next Resistance: $1.10
• Direction: Neutral
• Upside Target: $1.10
• Downside Target: $0.46

Cryptonary's take

Memes, in general, have seen a liquidity suck out of them, and WIF hasn't been immune to this. Price is now getting to the point that it's very oversold, and whilst that doesn't mean it can't go down further, we certainly wouldn't be looking for Shorts here.

Instead, our focus is now on identifying a bottom. If a positive narrative comes back into the wider market, WIF might be one of the plays to look for Longs in. This is because when a play is very oversold, you can get large reversions back (in this case, to the upside).

But, we do need the market to pick up again and see some positive narratives come back in that can then give WIF the aid it needs.

For now, again, we'll just wait for WIF to show signs of bottoming. We're potentially beginning to see the first signs of this. We're expecting WIF to form some kind of rounded bottom in the short and medium term. Let's be patient and wait for that.