Market Direction

WIF hovering near buy zone amid election

Updated: Nov 5, 2024

Published: Nov 4, 2024

WIF is hovering near $1.96 support, facing potential moves with the election outcome in sight. Could a favorable result spark a recovery to $2.20, or will it test lower levels? Explore WIF’s next moves.

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 rejection at $3.00, WIF has pulled all the way back to the Yellow buy box and it is even testing the lower horizontal support now at $1.96.
On this pullback over the last few weeks, the RSI has reset substantially and now it's just above oversold territory, with many of the smaller timeframes either in or close to overbought territory.
On the downside, we wouldn't be surprised if $2.00 is the local low, especially if Trump wins. However, if there is a Harris win, it's possible there's a reaction lower and the $1.70 area is tested. But we'd expect this to be bought up.
To the upside, the key levels to reclaim are $2.20 and then $2.55.

7. Chart showing WIF price action on TradingView with support, resistance levels, and RSI indicator, capturing recent price movement and trend signals.webp

Next Support: $1.96
Next Resistance: $2.20
Direction: Neutral
Upside Target: $2.55
Downside Target: $1.70

Cryptonary's take

Looking at the barbell portfolio and in terms of price, WIF looks the most attractive for a buy here. If we get a Trump win tomorrow/Wednesday, sub $2.00 will look super attractive. Ultimately, this week will come down to whether Trump or Harris wins. Personally (Tom), I added some WIF yesterday and today at the $2.00 level, although I still have cash on the side to buy up the major dip on a Harris win if that's what we get.