Market Analysis

WIF tests major downtrend line

Published: Oct 1, 2024

WIF has surged 41% in 4 days, approaching the downtrend line resistance. After a breakout, the next target is $3.05.

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.

7. Dogwifhat price testing key resistance levels near 2.233 with bullish momentum, indicating a potential breakout scenario.

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.

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.