The recent upward movement has led to the price of WIF to continue its recovery above the 100-day simple moving average (SMA). This move comes after failing 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 such as PEPE It is DOGE since the beginning of this recent movement.
At the time of writing, WIF price is up 21%, trading around $3.97 above the 100-day moving average over the last 24 hours.
WIF on 4-hour chart
On the 4-hour chart, it can be seen that WIF price is actively trading above the 100-day moving average, suggesting that WIF is in a situation optimistic trend and may continue to rise.
Furthermore, looking at the 4-hour MACD indicator, it can be seen that the MACD histograms are trending above the MACD zero line with good momentum. The MACD line and MACD signal line are also seen moving above the MACD zero line with a good spread between them. Given the importance of this MACD pattern, it is possible that the WIF price will continue to rise and the market will still be extremely positive.
On the 1-day time frame, WIF is actively bullish as the price previously fell on two bullish candles, leading to its continued upward movement today.
Furthermore, the 1-day MACD indicator is giving a bullish signal as the MACD histograms are trending above the MACD zero line with good momentum and both the MACD line and MACD signal line have crossed above the zero line with a good spread between them. . From the MACD formation, it can be suggested that the price of WIF could rise further.
Future Actions
Currently, there are two resistance levels of $4.34 and $4.86 ahead of the price. If the price continues to rise and surpasses the $4.34 level, it could advance further to test the $4.86 resistance level. Furthermore, if it exceeds this level, it could trigger a recovery to create a new maximum.
However, if the price fails to break any of these resistance levels, it could begin a downward correction towards the $2.25 support level. A break below this level could cause a deeper correction to test the $1.78 support level.
Featured image from YouTube, chart from Tradingview.com