- WIF/USDT faces strong resistance near $2.898–$2.984, with a possible pullback before any rally toward $2.423.
- Support levels between $1.971 and $1.765 remain critical for WIF/USDT, with a potential bounce if these hold.
- Fibonacci retracement at $2.423 suggests caution, as this zone could act as resistance if the price climbs higher.
The market for the $WIF/USDT trading pair is currently showing signs of consolidation, with critical price levels emerging as points of interest for traders. Analyst CredibleCrypto has highlighted the possibility of a further dip before a larger relief rally, especially for Bitcoin ($BTC).
His target for a bounce is $70-72k, which could create room for altcoins like $WIF to pull back. This scenario has led to the decision to lower bid prices while adjusting position sizes accordingly.
Resistance and Support Zones for WIF/USDT
Currently, the price of WIF stands at $2.280, reflecting a decline of 4.52%. Resistance looms around the “untapped local supply” zone, located between $2.898 and $2.984. This area was previously tested but rejected, reinforcing its role as a strong resistance.
However, the market has seen buying interest around the support zone between $1.971 and $1.765. The price has bounced in this region before, suggesting it could be a key pivot point moving forward.
Additionally, the 50% Fibonacci retracement level at $2.423 could present another hurdle. This level aligns with the retracement from the recent high of $2.898 down to the low of $1.075. If the price approaches this level again, traders may face resistance. The Fibonacci retracement suggests a cautious approach as the market moves between these key levels.
Read CRYPTONEWSLAND on
google news
Possible Paths Ahead for WIF/USDT
Recent price movements show consolidation, with alternating bullish and bearish candlestick patterns. This indicates indecisiveness in the market. However, the chart points to a possible recovery toward $2.423 if buying pressure picks up. A potential rally could push the price toward the upper supply zone at $2.898. If the support zone holds strong, this upward trajectory becomes more likely.
Conversely, a breach below the $1.765 support could signal further downside, potentially reaching the lower Fibonacci extension level of $1.075. The market’s response at these critical levels will dictate the next move, with traders watching closely for signs of trend reversals or continuations.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
