Recovering strongly from a pullback mode yesterday, WIF showed signs of strength again and advanced bullishly on the daily chart. The price broke slightly above a multi-week high and currently targets a key level.
After a fearful weekly start, which caused a serious panic sell across the crypto space, altcoins regained strength and began to show bullish signs.
WIF, alongside several top meme coins, are in the spotlight today as they react strongly to the new positive sentiment surrounding the market at the time of writing. Prior to the panic sell, the meme coins have been forming a fresh bullish pattern since last week. But it is now rising back with full speed following a significant inflow in the last 24 hours.
This led to a slight break from a three-week high and is now trading well above $0.9. A significant daily close above the key $1 level should fuel a major rally in the coming days. The May high may pose little threats. Overcoming that high should confirm a bullish rally in the short term.
Right now, the bears are off the market. If they manage to return with mounting pressure, we may see a sharp price nosedive. Breaking below June support would confirm a new selling phase in the market. But with the look of things, the bulls are much more likely to gain more control.
WIF Key Levels To Watch
While targeting the key $1 level in the latest surge, the main resistance level to watch for the bulls on the way up is $1.39. If they overcome it, the $1.75 and $2.25 levels would be their next area of interest.
The $0.64 level currently serves as support. If the price drops below it, the $0.522 and $0.4 levels are lower supports to keep in mind.
Key Resistance Levels: $1, $1.39, $1.75
Key Support Levels: $0.64, $0.52, $0.4
- Spot Price: $0.94
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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