Market Direction

Will WIF reclaim $1.60 or drop lower?

Published: Sep 11, 2024

WIF is tightening within a narrow range, signalling the potential for a volatile breakout, but uncertainty remains as it struggles to reclaim key resistance levels.

WIF is currently beneath its local uptrend line whilst it also remains in a larger, multi-month downtrend.
WIF also remains beneath its major horizontal level at $1.60. In order to see bullish momentum return, WIF needs to comfortably reclaim this level.
Above $1.60, the next major horizontal resistance is at $2.20, with a local level at $1.96.
To the downside, if WIF were to lose the late $1.30s, then a retest of $1.20 is likely, although we'd expect strong demand at this level ($1.20).

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.

Dogwifhat Sol price chart showing key resistance, support levels, and RSI indicators, with price fluctuating around $1.53.

Cryptonary's take

WIF is currently compressing into a tight range despite achieving significant volumes. This may result in a volatile breakout at some point in the near future. Unfortunately, we don't have a strong conviction on the direction yet.

For this reason, we are remaining in spot positions (for the long term), and we'll look to add to our bags if the price dips to $1.20. Other than that, for now, we're just sitting patiently and not looking to take a lot of action.