After a period of price decline, WIF has recently begun to experience a significant upward momentum, standing out notably compared to other assets in the market. This surge in price can be attributed to several factors, including the breakout of a descending price action pattern, increased interest from long-term holders, and a shift in market sentiment across the cryptocurrency landscape.
Technical Analysis and Upcoming Levels
Expert technical analysis indicates that WIF has broken out of a descending price action pattern and successfully retested its crucial support level of $1.80. This recent support level is the third occurrence since November 2024, suggesting a strong level of buying pressure at this price point.
Price Prediction
Based on historical price momentum, there is a strong possibility that WIF could soar by 35% to reach the $2.65 mark in the future if it successfully breaches the $1.945 level and closes a four-hour candle above it. However, the bullish thesis for WIF will only hold if it can breach and close a candle above the inclined trendline.
$16 Million Worth of WIF Outflow
Despite the recent price struggles, investors and long-term holders have continued to accumulate WIF tokens, as reported by the on-chain analytics firm Coinglass. Data shows that exchanges have witnessed an outflow of $16 million worth of WIF tokens, indicating potential upside momentum and a buying opportunity for investors.
Current Price Momentum
As of now, WIF is trading near $1.92 and has experienced a 4% increase in price in the past 24 hours. The trading volume has also surged by 15%, indicating increased participation from traders and investors following the recent breakout.