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

Godspower Owie
Godspower Owie
1 year ago
2 mins read
WIF

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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.

WIF

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.

WIF

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
WIF trading at $3.7446 on the 1D chart | Source: WIFUSDT on Tradingview.com
Featured image from YouTube, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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