Connect with us
Active Currencies 14742
Market Cap $2,278,289,033,533.60
Bitcoin Share 53.90%
24h Market Cap Change $-4.38

WIF crypto targets $2, but THIS could delay the bulls

2min Read

The Awesome Oscillator made a bullish crossover and signaled a momentum shift on the daily chart, but can WIF break $2?

WIF crypto targets $2, but THIS could delay the bulls

Share this article

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

dogwifhat [WIF] saw five days of green candles as the bulls pulled the prices higher. The Bitcoin [BTC] move past the $60k resistance level also buoyed the market-wide sentiment.

The memecoin was trending higher in the short term, but is likely to run into a stern resistance zone at the $2 region. Should traders go long, or should they fade the move and prepare to go short?

Answers from the range formation

WIF 1-day TradingView

Source: WIF/USDT on TradingView

dogwifhat has traded within a range since the second week of August. This range extended from $1.39 to $1.98, and the mid-range level at $1.685 has served as resistance over the past three weeks.

WIF bulls finally breached it, and the CMF climbed above +0.05 to indicate high buying pressure in the market. This is enough to propel the memecoin to the range highs, but it might not see a breakout.

The Awesome Oscillator made a bullish crossover and signaled a momentum shift on the daily chart. While this is another encouraging signal, traders should be ready for a WIF rejection at $2.

It is usually better to trade a range as it is than anticipate a breakout. A daily session close above $2 would change the swing traders’ biases.

The liquidation heatmap highlighted the range formation

WIF Liquidation Heatmap

Source: Hyblock


Is your portfolio green? Check out the WIF Profit Calculator


The liquidation heatmap marked levels slightly different from the ones seen on the price action front. A sizeable pool of long liquidations has built up in the $1.22-$1.26 region, way below the range formation of recent weeks.

The $1.88 region was also highlighted as a short-term target where a price reversal could occur. Beyond that, the $2.09 and $2.06 levels are the next bullish targets for swing traders to take profits at.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.