WIF targets $3.40 breakout soon

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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• Certainly not the move we were looking for.
• WIF has broken below the support box we had laid out between $2.84 and $2.97, and the price is moving down to the major support of $2.55.
• There are a lot of supports between $2.50 and $2.70, so we do expect this lower bound zone to be the major support and for this area to be the local bottom.
• In terms of resistances, WIF needs to reclaim back above $3.00, and then beyond that, $3.40.
• We also note that there is a larger downtrend line at play. It's possible that WIF will remain below this main downtrend line until the end of the year. A breakout above this main downtrend line could be the catalyst that brings volumes back in and pushes WIF back to the highs.
• The RSI has now also reset back to middle to low levels at 41. We perhaps would have preferred to see the RSI closer to oversold territory, considering the price is in the $ 2.60 range.

• Next Support: $2.55
• Next Resistance: $3.00 (then $3.40)
• Direction: Neutral
• Upside Target: $3.00
• Downside Target: $2.55

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Cryptonary's take

WIF has lost some key levels, but like a lot of memes, have also, as we have seen a bit of a rotation recently into some Alts and AI plays. However, throughout the cycle, Memes have been the best performers, and we don't see that going away despite the blip in performance over the last 4-6 weeks.

We expect WIF to bottom locally between $2.50 and $2.70, and it's possible we will see range-bound price action for a few weeks. This may then set up a break out of the downtrend line and a move back to $3.40. We continue to hold Spot positions.