Bullish Breakout: WIF Starts New Rally Above 100-Day Moving Average, What Next?



The
recent
upward
movement
has
led
the
price
of


WIF


to
continue
its
rally
above
the
100-day
Simple
Moving
Average
(SMA).
This
movement
comes
after
it
fails
to
break
below
the
$1.03
support
level.


With
a
current
market
capitalization
of
$3.9
billion
and
a
24-hour
trading
volume
of
over
$1.5
billion,
WIF
has
been
dominating
the
meme
world
alongside
other
meme
coins
like

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PEPE


and


DOGE


since
the
start
of
this
recent
move.


As
of
the
time
of
writing,
the
price
of
WIF
was
up
by
21%,
trading
around
$3.97
above
the
100-day
moving
average
in
the
last
24
hours.


WIF
On
The
4-hour
Chart


From
the
4-hour
timeframe
chart,
it
can
observed
that
the
price
of
WIF
is
actively
trading
above
the
100-day
moving
average,
suggesting
that
the
WIF
is
on
a


bullish


trend
and
could
continue
to
move
upward.


Also,
looking
at
the
4-hour
MACD
indicator,
it
can
be
observed
that
the
MACD
histograms
are
trending
above
the
MACD
zero
line
with
good
momentum.
The
MACD
line
and
the
MACD
signal
line
are
also
seen
moving
above
the
MACD
zero
line
with
a
good
spread
from
each
other.


Given
the
significance
of
this
MACD
pattern,
it
is
possible
that
WIF’s
price
will
continue
to
rise
and
the
market
is
still
overwhelmingly
positive.


On
the
1-day
time
frame,
WIF
is
actively
bullish
as
the
price
has
previously
dropped
two
bullish
candlesticks
leading
to
its
continuous
upward
movement
today.

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Furthermore,
the
1-Day
MACD
indicator
is
giving
a
bullish
sign
as
the
MACD
histograms
are
seen
trending
above
the
MACD
zero
line
with
good
momentum
and
both
the
MACD
line
and
the
MACD
signal
line
have
crossed
above
the
zero
line
with
a
good
spread
between
them.


From
the
MACD
formation,
it
can
be
suggested
that
WIF’s
price
might
move
upward
even
further.


Future
Actions


Currently,
there
are
two
resistance
levels
of
$4.34
and
$4.86
ahead
of
price.
Should
the
price
continue
to
move
upward
and
break
above
the
$4.34
level,
it
might
move
further
to
test
the
$4.86
resistance
level.
Also,
if
it
breaks
this
level,
it
might
trigger
a
rally
to
create
a

new
high.


However,
if
the
price
fails
to
break
through
at
any
of
these
resistance
levels,
it
might
start
a
downward
correction
toward
the
$2.25
support
level.
A
break
below
this
level
might
cause
a
deeper
correction
to
test
the
$1.78
support
level.

WIF
trading
at
$3.7446
on
the
1D
chart
|
Source:
WIFUSDT
on

Tradingview.com

Featured
image
from
YouTube,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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