Is a potential 20% correction for WIF looming as it lingers near $1 resistance?
Hey there! Here’s a brief rundown of the current situation with WIF, that furry, four-legged Solana-based memecoin that’s been breaking hearts – or making ’em, who knows?
WIF Struggles at the $1 Mark - A Bearish Reversal on the Horizon?
Source: WIF/USDT on TradingView
Our favorite friend WIF recently tested its old range high as support back in June. Despite a 26% surge in two days, those brave WIF bulls still can’t seem to break past the $1 resistance, leaving ’em hanging like a tired, wet doggo.
Checking the 1-day chart, we can see a bearish setup for WIF. After putting up a fight at the $1.18 resistance in mid-May, WIF set a lower high at $0.93 four days later, only to bounce back up to test $1.18 again. The second attempt ended in failure, pushing the price down below the $0.93-mark. Talk about a rough day at the paw-park!
The chart’s CMF reads -0.17, indicating serious capital outflows, while the MACD is flirting with a bearish crossover. Don’t say we didn’t warn ya!
Source: WIF/USDT on TradingView
Time to take a gander at the 4-hour chart. Here, the CMF stands at +0.06, following WIF’s mini-rally from its local low at $0.8. There was a brief moment, about a dip below the $1.04-level, suggesting a shift in structure, but it’s likely just a little jump before the big fall.
We caught a glimpse of WIF peeking above the $1.04-line, only to be followed by a bearish engulfing candle on the H4 chart – a clear sign of a bearish reversal. The CMF dropping below +0.05 might be a hint that buying pressure ain’t what it used to be.
The upcoming bearish crossover on the MACD could solidify the momentum shift. As it stands, a sustained WIF rally may have to wait for a jump in BTC’s price. Until then, traders need to brace themselves for a dip down to $0.8.
Source: Coinglass
So, what’s the deal with this liquidation heatmap everyone’s drooling over? Looking out for the 2-week heatmap, we see two magnetic zones that seem ripe for picking. The first is just below the $0.8, the target of the anticipated bearish reversal, and the second one’s a short-term dream at $1.08.
If the excitement building up in the doggy daycare carnival gets too intense and the short-term demand and speculative interest explode, WIF might just power its way past the psychological $1 resistance and hold on for dear life! Woof, that would be a rude awakening for those betting on the bearish side! But until then, let’s wait for BTC to rise higher and for WIF to dip to $0.8 to jump(ish) all the way into the bull pen.
So, what’s the scoop? Swing traders can hang tight for a chance to go long when WIF dips down to $0.8, while veteran traders will have to keep a close eye on Bitcoin toppers for a chance to catch the WIF rally if it happens.
Disclaimer: The information provided here does not constitute financial, investment, trading, or any other type of advice and is solely the writer’s opinion
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References:[1] CoinCodex - WIF price prediction | CoinCodex[2] Changelly - Price prediction for WIF (WIF) for 1 year[3] CryptoNews - WIF Price Prediction 2025[4] Watcher.Guru - WIF Price Prediction 2025
- Despite the current bearish pressure on WIF, there's a potential 25% rally predicted for Dogecoin (DOGE) according to the latest crypto scoop.
- For those interested in investing, checking out the price prediction for other cryptocurrencies like Bitcoin (BTC) and WIF (WIF) for a year might offer insights for their portfolio.
- With the upcoming bearish crossover on WIF, it's essential for investors to keep an eye on Bitcoin's price, as a sustained WIF rally might have to wait for a rise in BTC's price.
