WIF crypto targets $2, however THIS might postpone the bulls

Reporter

Published: September 21, 2024

1. WIF had a short-term bullish outlook at press time.
2. The rally is most likely to have a hard time to press beyond the $2 resistance.

dogwifhat [WIF] saw 5 days of green candle lights as the bulls pulled the costs higher. The Bitcoin [BTC] relocation past the $60k resistance level likewise buoyed the market-wide belief.

The memecoin was trending greater in the short-term, however is most likely to encounter a stern resistance zone at the $2 area. Should traders go long, or should they fade the relocation and prepare to go brief?

Responses from the variety development

Source: WIF/USDT on TradingView

dogwifhat has actually traded within a variety considering that the 2nd week of August. This variety extended from $1.39 to $1.98, and the mid-range level at $1.685 has actually acted as resistance over the previous 3 weeks.

WIF bulls lastly breached it, and the CMF climbed up above +0.05 to suggest high purchasing pressure in the market. This suffices to move the memecoin to the variety highs, however it may not see a breakout.

The Awesome Oscillator made a bullish crossover and indicated a momentum shift on the everyday chart. While this is another motivating signal, traders need to be all set for a WIF rejection at $2.

It is normally much better to trade a variety as it is than prepare for a breakout. An everyday session close above $2 would alter the swing traders’ predispositions.

The liquidation heatmap highlighted the variety development

Is your portfolio green? Have a look at the WIF Profit Calculator

The liquidation heatmap significant levels a little various from the ones seen on the cost action front. A large swimming pool of long liquidations has actually developed in the $1.22-$1.26 area, method listed below the variety development of current weeks.

The $1.88 area was likewise highlighted as a short-term target where a rate turnaround might happen. Beyond that, the $2.09 and $2.06 levels are the next bullish targets for swing traders to take earnings at.

Disclaimer: The info provided does not make up monetary, financial investment, trading, or other kinds of guidance and is entirely the author’s viewpoint

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