WIF struggles near $0.60 support

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:

• Again, we're going to keep WIF short and sweet this week, and we've zoomed out and shown the 3D timeframe chart so that we can see the old ranges from way back in early 2024 as they're important from a TA perspective now.
• When the price lost $1.40, it was the 'line-in-the-sand' level and the price has essentially been down only since. Granted, the rest of the meme space has struggled also.
• In terms of support, the price has found a local level here at $0.60, but the major support is at $0.46.
• The old range is $0.21 to $0.46, so we wouldn't be totally surprised if the price returned back to this range in the coming weeks/months.
• The RSI has been extremely oversold, but this hasn't really helped WIF. The RSI hasn't produced any bullish signals really, and it hasn't aided us from a TA perspective.
• In terms of upside, for now, we think it'll be capped between $0.72 and $0.80.

• Next Support: $0.60 (then $0.46)
• Next Resistance: $0.72 - $0.80
• Direction: Neutral/Bearish
• Upside Target: $0.80
• Downside Target: $0.46

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Cryptonary's take

For now, the TA doesn't provide significant value when assessing WIF. This has been more of a narrative story, where WIF and memes in general just generally haven't had a supportive narrative and therefore we've seen them sell off substantially. Until there is a real change back to a risk-on environment, we're not too interested in WIF in the meantime.

We'll take some time to see where WIF settles and where it forms a base. This is where a certain price level might hold over a 4-6 week period. Once we get that information, we can start assessing when there might be an entry for a Long. But for now, we need to see it settle and for price to form a base.