WIF tests final support at $1.40

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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• Memes, in general, are at the furthest end of the risk curve, and as we've seen Dollar and Yields up, that furthest end of the risk curve has sold off the most.
• Price has unfortunately lost some key levels, and when the price broke out of the range between $1.80 and $2.00, it couldn't be reclaimed above $2.20, which made us wary since the price has essentially been down only.
• Price has now seemingly also lost the $1.60 area, with $1.40 as the final support before a more meaningful breakdown is possible.
• However, the RSI is very oversold in most timeframes, while the RSI is in a downtrend. If and when we get a breakout (probably in weeks), we could see some more substantial upside. But it's possible this will go lower first, even though it is very oversold here.

• Next Support: $1.40
• Next Resistance: $1.96
• Direction: Neutral/Bearish
• Upside Target: $1.96
• Downside Target: $1.10

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Cryptonary's take

WIF has had a big comedown in recent weeks, but it is now very oversold. When a bounce does come, we might expect it to be rather substantial. However, we don't see a mega bounce in the immediate term. If WIF reaches the Yellow Buy Box, we'd be buyers of WIF there.

It's also possible this box may be too low, which is something to consider. In the short term, WIF feels very oversold, but we do want to see the price build a range first and see where it settles.