Following back-to-back price reductions in the past months, WIF lost its spot as the leading Solana-based meme coin and dipped to a year low. It bounced back slightly from the low and now brews for a recovery.
Last week, WIF found solid ground as it tested the $0.55 level after posting significant losses in the preceding weeks. That price level held temporal support after being marked as the lowest level in the past year.
Interestingly, volatility enhanced and the price surged to the $0.8 level. The level was rejected as the bears stepped back and the price dropped. This led to another bleeding but the $0.58 level provided support on Tuesday and the price increased to where it is changing hands at $0.68.
Looking at this setup, WIF is footing a bullish move on the daily chart. Adjusting to the lower timeframe, it is forming a classical double-bottom pattern on the 4-hour chart. If the bullish pattern comes into play, WIF may retest or even climb above $1 before dropping back.
A few meme coins like Pepe, Shib, and Doge among others are also poised for an increase as they found temporal support. We can expect a big surge if money continues to flow in the market.
Source: Tradingview
Surging above the immediate $0.8 resistance, the next target level for an increase would be $1.1. A push through this level could bring a test at the $1.75 resistance and potentially $2.3 in the near term.
While the $0.58 level provides support, a drop below it would confirm a continuation to a new yearly low. The potential levels to watch for a test are $0.48 and $0.334.
Key Resistance Levels: $0.8, $1.1, $1.75
Key Support Levels: $0.58, $0.48, $0.334
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Image Source: maximusnd/123RF // Image Effects by Colorcinch
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