- WIFI nears a breakout from its descending channel, with bullish momentum fueled by the real-world utility of WiFi mapping rewards.
- Analysts highlight WIFI’s critical resistance at $0.0491; breaking this level could drive a recovery toward $0.0650.
- WiFiMap’s global adoption boosts WIFI’s appeal, linking its success to DePIN, metaverse growth, and strong community backing.
The cryptocurrency WIFI, backed by WiFiMap, signals a potential breakout from its persistent descending channel. Crypto analyst CryptoBoss highlights bullish momentum fueled by the project’s utility in mapping WiFi hotspots and amenities. With prices consolidating near $0.0245, traders eye resistance at $0.0491. A successful breakout could lead to a recovery of $0.0650.
Consolidation Sparks Breakout Hopes
Since May, WIFI’s price has remained in a descending channel, with lower highs and lower lows reflecting consistent bearish pressure. However, the last month shows consolidation within the channel’s lower half. Notably, price volatility increases near the $0.0245 mark, suggesting imminent resistance testing at $0.0491.
Besides, the current price action showcases buying interest. Smaller candles at the lower boundary emphasize stronger support, hinting at a potential bullish shift. Analysts see these moves as critical signs of market participants anticipating a breakout.
Source: CryptoBoss
Strong Fundamentals Drive Long-Term Optimism
WiFiMap’s WIFI token integrates real-world utility by rewarding users for expanding WiFi networks globally. This utility enhances the project’s appeal. Moreover, the team’s clear vision, strategic marketing, and massive global user base solidify its growth trajectory.
Additionally, the network’s fast adoption within the DePIN and metaverse sectors positions it for greater mainstream recognition. Increased transaction volume and a loyal community underscore long-term commitment to global connectivity, as highlighted by CryptoBoss.
Breakout or Continued Downtrend?
The descending channel’s structure suggests a critical point for WIFI. If resistance at $0.0491 breaks, an upward trajectory towards $0.0650 appears feasible. This move could signify the end of the prolonged bearish phase, marking a recovery phase. However, failure to surpass resistance may extend price consolidation within the channel, maintaining downward pressure. Hence, volume data will be crucial in confirming a decisive breakout or a continued downtrend.
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