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

Godspower Owie

Last Updated: June 11, 2024 7:02 am

2 mins read

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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 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.

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

Godspower Owie

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