WIF tests major downtrend line

• It was a brilliant move from the lows, with the price now butting into the main downtrend line.
• The main downtrend line may act as resistance for price, especially considering that price is up 41% in 4 days.
• However, price has reclaimed back above the $2.20 horizontal level which is a positive sign. If price were to now pullback slightly from the downtrend line, we'd hope to see $2.20 act as support.
• If price were to see a more substantial pullback then we'd expect $1.96 to act as a more major support.
• If price can breakout of the major downtrend line, then we'd expect to see $3.05 be retested relatively swiftly after.

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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Cryptonary's take

WIF has made a great move higher and in a relatively short space of time. Now, the price is butting up against the resistance of the downtrend line, which may act as a short-term resistance for the price. However, we do expect the price to break out from the downtrend in the coming weeks, and for the price to then test $3.05 following that.