Posting major losses amid the latest bloodbath, WIF took a downturn as the price plunged near a key support level. While the market remains in a buying range, a further dip could trigger a significant drawdown.
The past few weeks saw WIF through a major increase as it recovered well above the $1 level, although it later faced resistance after tapping $1.29 earlier this month and underwent a short pullback.
That brought a little drawdown, but the meme coin stayed well above the $0.93 level. Initiating a fresh buy there, it recovered and broke slightly to $1.39 last week. A rejection occurred, and the price dropped. This led to a small consolidation before breaking down to $0.99 at the moment.
This breakdown was triggered by the latest bloodbath in the market, and as we can see, the crypto appears weak and set for a major sell-off daily. Such a sell-off could roll the price back to the bottom following the new bearish indicator, which came in the form of a double-top pattern.
Losing the current trading level could cause more bleeding in the market before locating solid ground. Breaking last month’s low in the process could trigger a bigger collapse to a new low. Regardless of that, there’s still hope for buying. The $0.3 level is considered the last defence line for the bulls in case of more dips.
WIF’s Key Levels To Watch
Now that the bears have shown strong interest, the immediate support to keep an eye on is $0.93. If this level fails to contain pressure, $0.72 and $0.53 are the next levels to watch.
Towards the upside, WIF must climb back above the monthly $1.39 high before we can confirm a bullish move again. If that happens, the target level for a buy would be the $1.75 and $2.3 resistance levels.
Key Resistance Levels: $1.39, $1.75, $2.3
Key Support Levels: $0.93, $0.72, $0.53
- Spot Price: $0.997
- Trend: Bullish
- Volatility: Low
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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