#WIF #WIFUSDT
Technical Analysis (1-Hour Time Frame)
The price of WIF previously experienced a strong rebound starting from the support area around $0.55 - $0.60 and managed to surpass resistance levels to reach a peak around $1.30.
However, after touching the supply zone, the price experienced significant selling pressure and began to undergo a gradual decline.
The price is currently around $0.97, with the last candle showing slight buying pressure after several sharp declines. The moving average line (possibly a short EMA) is also showing a downward direction, indicating that short-term momentum remains bearish.
Potential Price Movement Scenarios:
🐂 Bullish Scenario (Bounce):
If the price can stay above $0.95 and form a higher low, then there is a possibility of a new test of the minor resistance zone around $1.05 - $1.10.
A breakout of this level could open the way back to the supply zone of $1.20 - $1.30. 📈
🧸 Bearish Scenario (Continued Correction):
If the price fails to maintain support around $0.95, then it is likely that the price will continue its decline towards the next area of strong demand around $0.60 - $0.65. 📉
This would be considered a healthy pullback in the context of the medium-term trend if the selling volume is not too high.
Conclusion:
The price of WIF is currently in a correction phase after a strong rebound. The $0.95 level is a key short-term point. If this level cannot be maintained, the possibility of further decline opens up. However, if the price manages to reverse direction and print a higher high above $1.05, then the bullish trend could re-establish itself.