Market Direction

WIF eyes $2.20 reversal soon

Published: Jan 17, 2025

WIF rebounds into the $1.80-$2.00 range, testing the $1.96 resistance. BTC and SOL maintain momentum, while Trump’s upcoming policies could drive key crypto market movements.

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 has had a bounce from the lows, and the price is now moving into the old demand zone between $1.80 and $2.00.
Note there is a horizontal resistance at $1.96 ($2.00).
The key level for the price to reclaim to trigger the bullish reversal is $2.20.
The RSI is breaking out of its downtrend line, having put in a bullish divergence in oversold territory. However, it is now going to put in a hidden bearish divergence (lower high in price, higher high on the oscillator). Just something to keep an eye on for now.

7. WIFUSDT price chart showing RSI indicator, key support and resistance levels, and a marked downside target zone in yellow.

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Next Support: $1.60
Next Resistance: $1.96
Direction: Neutral/Bullish
Upside Target: $2.20
Downside Target: $1.60

Cryptonary's take

A reclaim of $2.20 would trigger the bullish reversal for WIF. But for now, it looks to just be a relief rally despite the market feeling euphoric today. WIF might move more substantially upon a SOL breakout which might come if Trump is overly positive next week.

However, don't close the possibility that this is just a relief rally on WIF for now in the short term. This may be the start of building out a base to go higher at a much later date, but it doesn't mean the lows can't be retested again. Just be open-minded. Let's see what happens.