Market Direction

WIF tests $3.05 resistance with $3.40 in sight

Published: Oct 14, 2024

WIF targets $3.05 resistance after strong gains. Will WIF push toward $3.40 or pull back to $2.20? Check today’s price prediction and analysis.

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.

As we expected and put in our last few updates, WIF looks really great and is continuing its grind higher than we expect to reach $3.05.
$3.05 is a horizontal resistance, so it's possible to price short-term stalls out around there.
Beyond $3.05, $3.40 is the next key level. If the price can get a clean break above $3.40, we'd expect the price to reach all-time highs relatively swiftly after.
To the downside, $2.20 is the key level and the level we expect will be strong support for price, if price is to retest that low again.
The RSI is close to being overbought in the daily timeframe, and it has put in multiple bearish divergences, so this might be the one sign suggesting some caution.

7. Dogwifhat daily chart showing price action, trendlines, key resistance, and RSI indicator for trend continuation and breakout potential.

Next Support: $2.20
Next Resistance: $3.05
Direction: Bullish
Upside Target: $3.05 - $3.40
Downside Target: $2.20

Cryptonary's take

So far, this is a really clean play from our calls on WIF over the last few weeks, with our $1.50- $1.80 Spot buys now being well in profit. The price has pushed higher, and we expect it to reach $3.05 in the coming week before cooling out slightly in the short term, but it will likely be just a consolidation rather than a major pullback. There are bearish divergences built up, which is something to be mindful of. However, we see this as being enough to stall the current momentum that WIF is seeing.